Valuable lessons for B2B marketers
Following claims by the Daily Mail that pensions data is being sold without permission by rogue firms, the Information Commissioner’s Office (ICO) has launched an investigation into allegations.
In an attempt to be proactive, the DMA has also recently debuted a pensions marketing tool kit to inform and educate vulnerable parties.
ICO Investigating Claims of Illegally Sold Data
In March, scandalous claims from the Daily Mail alleged that the pensions market had fallen victim to rogue firms. These organisations were said to be profiting from illegally selling data, without the permission or knowledge of those on their databases.
These accusations seemed to suggest that the pensions market might fall victim to a mis-selling scandal like the PPI and accident claims industries, threatening legitimate direct marketing for the third time in recent years.
According to Steve Eckersly, the ICO’s head of enforcement: “What the Daily Mail has shown us is very worrying indeed. It suggests a frequent disregard of laws that are in place specifically to protect consumers. We will be launching an investigation immediately.
“The information we’ve been shown supports the work we’ve been doing to target the shady industry that operates behind the nuisance of cold calls and spam texts.
“We’re already aware of the potential for a huge spike in the number of scam texts and calls linked to pensions when the law changes in April, and have already taken action against a company that was sending out misleading messages.
“What we’ve seen here confirms those fears. Personal data is such a valuable asset, particularly financial information. The worst case scenario here is this information getting into the wrong hands and being used to target individuals at a critical point in their financial lives.”
The DMA Launches a Pensions Marketing Toolkit
In response to the fear created by these allegations, the DMA has also proved proactive, releasing a toolkit. This package consists of a number of items, including easy-to-understand information relating to choosing pensions options, and pensions-related marketing.
The organisation explains: “In the first four months, pensioners will remove an estimated £6 billion of cash from their pensions, which will in turn create many new selling opportunities for brands. However, lessons from PPI and accident claims should serve as a warning.”
The bulk of the advice contained within the toolkit will cover this, providing helpful tips on how to respond to cold-calling and lead generation, as well as covering data, emails, direct mail and mobile marketing.