Cold calling to sell financial products set to be banned under new plans

COLD calling to sell financial products will be banned in a bid to end phone scams.

Ministers have brought forward plans to outlaw the sale of mortgages, insurance and crypto schemes by phone without prior appointment.

Victims lost nearly three quarters of a billion in total last year to phone fraud investments, shocking figures reveal.

Specialist teams of fraud squads have also been rolled out to all 43 police forces across England and Wales.

Last year they supported more than 113,000 victims – and fraud is one of the fastest growing crimes since the pandemic.

Already cold call bans for pensions and claims management services have been rolled out.

Andrew Griffith, economic secretary to the Treasury, said: “Cold calling for financial services and products has long been used by fraudsters to manipulate and trick members of the public into scams.

These cold-hearted criminals will often purposely target the most vulnerable.

“They use a range of deceitful tactics to take advantage in any way they can.

“We will ban cold calling for all financial services, so the public can be sure it’s not a legitimate firm if they get a call.”