View more on these topics

Govt to face questions if cold-call ban not in place by June

Telephone-Phone-Business-Finance-General-700.jpgThe government has given reassurances a ban on cold calling will be in place by June.

Yesterday, economic secretary to the treasury John Glen repeated the government’s intention to introduce a cold-call ban as soon as possible.

During the third reading of the Financial Guidance and Claims Bill, Glen said Clause 9, introduced by the government, allows it to move quickly and ban pension cold calling.

Clause 9 allows the secretary of state to make regulations prohibiting unsolicited direct marketing relating to pensions.

It also says if the power is not exercised by June, the secretary of state must explain to parliament why this is the case.

Glen said: “The government’s new clause has a wide scope, which means that we can ban all pensions-related calls.

“Crucially, we do not need to wait for advice from the guidance body before we implement a ban, so we can make good on our commitment to ban pensions cold calling quickly.

“I hope the fact I will have to lay a statement before both Houses if we have not laid regulations before parliament by June will reassure honourable members on that point.”

Reacting to Clause 9 and other amendments to the bill, shadow work and pensions secretary Jack Dromey said: “The government’s commitment to ban pensions cold calling from June is a necessary and wholly welcome step…Its approach has been constructive. Together, we have come a very long way, but I hope it will go just that little bit further.

“Our amendments would tighten the provisions around the ban and ensure it is fit for purpose. The dual additions of making it an offence to use the information obtained through cold calling and conferring functions on to the FCA would mean that the ban could be much tighter and more effective.”

Recommended

3

Pension cold-calling ban to start by June

A ban on pensions cold-calling will be put in place by June, following the tabling of new amendments to the Financial Guidance and Claims Bill. Ahead of the Commons report stage of the Bill on 12 March a “new clause 3” allows for the ban to start by the middle of the year. The Government […]

Telephone-Phone-Business-Finance-General-700.jpg
2

MPs urge Govt to bring in cold-calling ban by summer

The work and pensions select committee is calling on the Government to ban pension cold-calling through the Financial Claims and Guidance Bill next year, as well as making people either take or opt out of guidance before accessing their pension. The committee opened an inquiry into pension freedoms in September and has published its report […]

3

Govt enlists new guidance body in battle against cold-calling

The House of Lords has agreed to enlist the Government’s new combined guidance body in the fight to stop cold-calling. In a debate yesterday, the Lords tabled two amendments to the Financial Guidance and Claims Bill – the legislation that is to create a new single entity out of Pension Wise, The Pensions Advisory Service […]

Delivering advice and guidance in the workplace

Three advisers share their ideas and experiences of helping employees with their financial decisions The workplace is instrumental in engaging people to save for retirement. How are advisers helping employers provide advice or guidance to their employees? Telephone guidance Financial education provider and advice firm Wealth at Work recently launched a telephone guidance service to […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment