With its new powers, the Information Commissioner’s Office can charge fines up to £500,000 against telemarketing firms found to abuse their cold-calling and text-messaging privileges. The ICO will crack down on PPI and legal representation calls that the UK public endures on a daily basis.
Before, the ICO halted a telemarketing company’s operations if there is evidence of “substantial damage or substantial distress” resulting from the nuisance calls. Its newfound powers allow them to hold even the Senior Executives of these telemarketing firms to answer for the nuisance phone calls and text messages.
In 2013, a Parliamentary investigation group uncovered that one billion cold calls were made to half the UK’s population.
According to the Financial Conduct Authority (FCA), other financial products aside from PPI had taken the limelight from the notorious insurance policy.
For the first time in three years, Packaged Bank Accounts (PBA) and credit cards dominated the FOS’ complaints queue with a 14pc reduction in PPI complaints.