Government fails (again) to set date for pensions cold call ban

Despite repeated calls from the pensions industry and the Work and Pensions Committee, the government has again failed to set a date for the implementation of a pensions cold calling ban.

Chair of the Work and Pensions Committee, Frank Field MP urged the government to ban pensions cold calling immediately, back in December 2017.

Moneywise, the sister magazine of Money Observer, reported earlier in the year that the government had announced a ban on pensions cold calling, but failed to set a date for implementation.

This report had followed the government’s original announcement in August 2017 that it would seek to ban pensions cold calling, after making an initial announcement as far back as November 2016.

Since then there have been vocal responses from the pensions industry asking for clarification as to when the ban will be brought into effect. 

However, in the government’s response to the Work and Pensions Committee report published today, there is a distinct lack of a date given for when such a ban might take force.

The government says: ‘We agree with the Committee’s aim of finding an alternative, quicker way to ban pensions cold calling, and recognise the benefits of the proposal that the Committee put forward.

‘The government will continue to work swiftly to implement a cold calling ban by tabling a workable amendment to the Financial Guidance and Claims Bill, and then making regulations to introduce the ban.’    

The Financial Guidance and Claims Bill is currently working its way through the House of Commons.

Tom Selby, senior analyst at financial provider AJ Bell, comments: ‘The government continues to talk tough on tackling pension scams but we still have no idea when the proposed ban on cold-calling will come into place.

‘It has now been well over a year since the ban was originally announced and almost three years since the pension freedoms were launched. It is unacceptable that policymakers have taken so long to introduce such an important consumer protection measure and implementation should now be fast-tracked.’

Moneywise has contacted the Treasury for a response but they declined to comment. 

This article was orignally written by our sister publication Moneywise.

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