The Daily Mail investigation found that firms were willing to sell financial data on thousands of people for as little as 5p, which eventually ended up in the hands of criminals.
One firm, B2C data, stated that it obtained financial information from Sesame, however experts have since refuted the claims.
The Information Commissioner’s Office has now launched an inquiry into the firms involved.
Steve Eckersley, head of enforcement at the ICO, said:
“It suggests a frequent disregard of laws that are in place specifically to protect consumers. We will be launching an investigation immediately.
“We’re aware of allegations raised against several companies involved in the cold-calling sector, and will be making inquiries to establish whether there have been any breaches of the Data Protection Act or Privacy and Electronic Communications Regulations.
“The ICO has powers to issue companies with fines of up to £500,000 for the most serious breaches of the Data Protection Act, while we can also pursue criminal prosecutions around unlawfully obtaining or accessing personal data.”
Those targeted have since said that they have been "plagued by up to five calls a day", raising fears about the scale of pensions scams following the reforms which come into force next week.
Recent research from DeVere Group found that a quarter of its clients have been approached by cold callers offering ‘unrivalled returns’, while MetLife claim that 9% have been victims of financial scams.
