Vesta calls for cold calling crackdown

Vesta Packaging is calling on the Financial Services Authority to crackdown on cold calling, which it says is still a big problem.

Cold calls from companies selling mortgages are still a big problem, despite the ban on them imposed by the FSA, says Mark Leaper, managing director at Vesta Money and Vesta Packaging.

Leaper says that lack of action on the part of the FSA is allowing illegal cold calling activity to flourish, and there is evidence that consumers are still being phoned about mortgages without their prior permission by companies with whom they have had no previous relationship.

He says: “There are literally dozens of mortgage companies still making cold calls to consumers despite this activity being banned.

“Companies sometimes pay lip service to the ban by phoning consumers supposedly about secured loans, only to then switch the conversation to one about mortgages.”

Leaper says this is a big issue for all those companies out there who are sticking to the FSA rules, such as his own.

He says: “Why are we playing by the rules when so many others are not? You could say that the situation is worse than before the ban. At least then the industry knew where it stood and there was a level playing field.”

Robin Gordon-Walker, spokesman for the FSA says that although it has no specific project it is working on to combat cold calling, it does have clear rules that ban firms from doing it.

He says: “If we find out that a company is not following these rules we will take action against that firm.”