Companies Selling on Pension Details Are Fined in UKAdded: Wednesday, April 8th, 2015
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British firms that breach data protection legislation by selling people’s pension pot details can get fines up to £500,000. Apparently, the authorities realized that claims that millions of individuals’ data is being sold and ending up in the hands of criminals are not a joke. One of the local privacy watchdogs has launched an investigation into such allegations.
According to media reports, information about the size of pensioners’ salaries, investments and pensions is being sold at a cheap rate without their knowledge. It seems that such financial data is purchased by fraudsters and cold-calling firms.
The investigators contacted the pensions regulator, the Financial Conduct Authority and the police, as such deeds are a very serious breach of the Data Protection Act. If the claims turn out true, the companies involved can face huge fines of up to half a million pounds.
The move comes ahead of pension reforms scheduled to 6 April. Under new rules, the savers will get access to their full retirement funds. However, the Information Commissioner’s Office warned that such changes could result in a flood of scams. Perhaps, some companies want to get their hands on pension details because not all people read the terms and conditions of contracts they sign, thus disclosing their personal data. Apparently, some firms were getting and selling on this data illegally – in some cases, details were stolen, in others they were kept instead of being deleted.
The watchdog claims that the information it has been shown supports the work conducted to target the “shady industry operating behind the nuisance of cold calls and spam texts”, and that it has already taken action against a firm sending out misleading messages.Posted by: Date:
Wednesday, April 8th, 2015
|Criminals who prey on the elderly is a HUGE problem in the USA and apparently in Europe as well. There are specific laws that protect the elderly from being swindled, taken advantage of, because the elderly are not always in their best minds for conducting business. In many cases it is family members who rob their parents, grandparents, etc. The swindle industry however cold calls these pensioners and con them out of their money. They try to stay within the legal framework and send the elderly boxes of worthless things like frisbees to make the transaction appear legitimate and legal but it is anything but. The cold calls are hard sells and many people don't do the proper thing which is to not speak to these people and simply hang up. Some folks feel bad hanging up on a telemarketer, but just hang up! You owe them nothing. There should be no guilt. Just hang up.|
|posted by (2015-04-11 23:05:46)|
|The Brits invented grifting, the long con, and most of the clever ways to rob by hustle, as well as the fundamentals of civil liberty,and new world order. Be careful dealing with them, as they are old, wise,and well versed in getting a buck.innit?||
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