More than half of us are pestered by nuisance calls offering high-risk financial products

13 Jul, 2016

More than half of adults in Britain (29.5 million people) receive unsolicited phone calls offering high-risk financial products and around one in eight are being called every single day, according to new research from StepChange Debt Charity.

The charity wants to see action from the Financial Conduct Authority and Her Majesty’s Treasury to ban unsolicited phone calls promoting high-risk financial products, which are harmful, widespread and can make people’s debt problems much worse.

The research also suggests that these calls, which offer products like high cost credit (e.g. payday loans) and fee-charging debt management services, have resulted in 1.5 million people taking out one of those two products.

StepChange Debt Charity’s research also suggests that the problem is particularly acute for financially vulnerable people who are already struggling with debt. A separate survey of the charity’s clients found that a third are receiving more than five calls a week and the charity estimates that up to 12,000 of the clients it advised in 2015 had taken out such services, adding an average of £1,052 in high cost credit to their existing debts.