Later Life

Government to delay pensions cold-calling ban

Rozi Jones
|
29th June 2018
call centre pension scam cold phone
"Having considered evidence from the industry, we will launch a short consultation on the draft legislation to ensure it is as effective and robust as possible."

The Treasury has announced that 'technicalities' will cause further delays to its planned pensions cold-calling ban.

Parliament takes a summer break on the 24th July and it is thought that the regulations, which must be debated before they can be passed, will not be implemented until the autumn as the government continued to consult on the technicalities.

A Treasury spokesperson said: “Following debates in parliament, and having considered evidence from the industry, we will launch a short consultation on the draft legislation to ensure it is as effective and robust as possible.”

Tom Selby, senior analyst at AJ Bell, commented: “We have been waiting almost two years for the Government to back up its tough talk on tackling pension scammers with action. It is therefore hugely disappointing that the cold-calling ban faces further delay as policymakers iron out as yet unspecified ‘technicalities’.

“Too many savers have already been fleeced out of their hard-earned retirement pots by scammers, with cold-calling one of the main tactics employed. The glacial pace of Government action on this is frankly shameful and increases the risk of millions of savers being targeted using this method.”

Steve Webb, policy director at Royal London and former pensions minister, added: "Campaigners had been hoping that the vital final stage in implementing a cold-calling ban would have been completed by now. It is deeply disappointing that there is now going to be yet more delay.

"With every passing day yet more people are being scammed after a process which started with a cold call. We don’t want a statement from the Government telling us how difficult it is – we want action and action now."

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