Consumers must beware DB transfer cold-callers - FOS

The ombudsman said it was seeing evidence "unscrupulous firms" were taking advantage of consumers who wanted to transfer out of their defined benefit (DB) schemes to make the most of the flexibility of pension freedoms rules. It is unlikely regulated financial advisers and reputable companies will cold-call people about pensions, said the FOS, before explaining it often hears from people who thought they were dealing with a well-established firm, only to discover their life savings had been stolen. Pensions cold-calling ban a 'meaningless tweak' - campaign group The ombudsman added...