If you’re thinking about taking out a legal or financial product, how do you know you can trust the company or individual selling to you?
Especially where someone just knocks on your door, uninvited, before using high-pressure selling techniques to persuade you to sign up to a policy.
Here’s what to watch out for and how to protect yourself from the unwanted attention of unscrupulous salespeople.
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There are strict rules in the UK about selling financial products such as investments, pensions, and mortgages.
In the UK, almost all firms that provide these financial services must be authorised or registered by the City regulator, the Financial Conduct Authority (FCA).
Being authorised means that firms must meet various standards and have the FCA’s permission to provide certain products and services. Being registered, in contrast, means that firms must meet certain requirements, but don’t necessarily need to have the FCA’s permission to provide products and services.
Individuals who work at financial firms will sometimes need to be approved by the FCA or be certified within a firm to carry out specific financial activities as well. Offering specialist financial planning advice, for example.
As a first step, when someone arranges to come to your home to discuss a legal or financial product or service, it’s worth using the FCA’s checker tool on the website.
This lets you check whether a firm is authorised by the FCA, while the Financial Services Register helps you to check whether a firm, or an individual, is authorised.
But when it comes to products such as wills, trusts, and general estate-planning services, the picture can be a little more confusing.
For example, estate planning is regulated by a mix of legal and professional bodies instead of one regulator. Meanwhile, wills and trusts in the UK are overseen by a mix of professional bodies (if solicitors are involved) as well as government agencies, such as HMRC, for tax and registration issues. General will-writing services are largely unregulated.
Where a product is not regulated by the FCA, taking out one of these policies means that you might not have access to the Financial Ombudsman Service (FOS). The FOS is a free service tasked with settling disputes between individuals and businesses offering regulated financial products.
When taking out a trust, the FCA recommends that you check if the firm or individual is regulated by a member of a professional body, such as STEP.
Louise Lewis, head of trusts, estates and tax at law firm Freeths, recommends would-be clients always vet their chosen company and individual carefully. A reputable professional can visit someone’s home if the client feels more comfortable with this instead of visiting an office.
But only trust a company or individual that provides clear, written terms setting out a client’s right to cancel.
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Lewis also warns people about the risks that come from unsolicited doorstep sales, especially if someone turns up offering complex products such as protective property, or other care‑fee protection trusts.
She says: “Remember that you are in control. Always ask for identification, credentials, and written information before you even consider engaging. The law is clear: under the Consumer Contracts Regulations 2013, you must be given full details of the service, the total cost, and your 14‑day cancellation rights. If they can’t or won’t provide that, walk away.
“High‑pressure tactics, ‘today‑only’ deals, and vague explanations are also red flags. Never sign anything without written terms and always compare alternatives with trusted advisers or accredited professionals. Taking a moment to pause, verify and compare ensures you stay firmly in control of your decisions,” adds Lewis.
When it comes to a product or service being offered by an unsolicited door-to-door salesperson, the guidance is clear: do not proceed. This is to reduce the risk of you falling for a scam.
Cold calling isn’t always illegal. However, you should be wary of a company or individual cold calling you attempting to sell financial products. Examples include: investment schemes, pensions, loans, credit arrangements, debt solution products, and mortgages.
The previous Conservative administration was expected to announce an outright ban on cold calling for consumer financial services and products, but this is now on hold by the current Labour government.
Pensions cold calling, however, has been illegal since 2019. If you receive a cold call or door knock about your pension, you can report it to the Information Commissioner’s Office online, or by calling 0303 123 1113.
According to Moneyhelper, which provides online pensions guidance, common tactics adopted by illegal pension cold callers include:
Also banned is the cold calling of funeral plans. The ban on cold calling was introduced by the FCA in 2022 as part of new regulations to boost consumer protection in the funeral plan market.
The charity Age UK advises people to ask for a 'NO COLD CALLERS' sign from their local council, or to download a printable version from the internet and put it on the front door or in the window. Don't be embarrassed to say 'no' or ask people to leave the premises.
In addition, should you be confronted by an overzealous sales individual, avoid the scenario of being asked or encouraged to sign any paperwork on the spot. Take time to think about an offer, even if it seems genuine, and spend time researching the cost or getting additional quotes.
It is illegal for an individual or company to approach you unsolicited by phone, text message, email, or in person about your pension if you are not already a customer with them.
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