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Govt makes delay to cold-call ban official

Telephone-Phone-Business-Finance-General-700.jpgThe government has made the postponement of a cold-call ban until autumn official.

Under the terms of terms of the Financial Guidance and Claims Act 2018, the government was required to bring forward its plans for a ban on cold-calling by the end of June.

If government did not introduce a ban by June it was required to explain why it had failed to do so during July.

At the end of June the Treasury confirmed a further delay to the pensions cold-calling ban due to “technicalities” and has now followed this up.

In a written statement to parliament yesterday, economic secretary to the Treasury John Glen said the pensions cold-calling is a complex issue and scams can have devastating consequences for consumers.

He said the government will publish a consultation seeking views on a set of draft regulations to ban pensions cold-calling.

Glen added: “Once we have considered all responses to the consultation, in the autumn we intend to lay regulations under the affirmative procedure and subject to parliamentary approval bring the regulations into force as soon as possible thereafter.”

Reacting to the statement Royal London director of policy Steve Webb says: “The Treasury has chosen a good day to bury bad news.

“While everyone’s eyes were focused on the Brexit white paper and the visit of the US president, it decided to admit officially that the cold-calling ban is going to be further delayed.

“Nobody doubts that if this issue was a real priority for the government a ban would already be in place right now.”



Treasury delays cold-call ban to autumn

The Treasury has confirmed further delay to the pensions cold-calling ban due to ‘technicalities.’ The end of June deadline has been missed as the Treasury confirms regulations around the ban will not be laid before parliament until autumn. A Treasury spokesman says: “Following debates in parliament, and having considered evidence from the industry, we will launch […]

Lib Dems apply pressure over cold call ban deadline

The Liberal Democrats have spoken out ahead of the imminent deadline for the pension cold calling ban. The ban, which is being introduced through the Financial Guidance and Claims Act, needs to be implemented by the end of June. Lib Dem work and pensions spokesman Stephen Lloyd says: “The government is rudderless and hopelessly distracted […]

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Old Mutual International under fire for allowing high-risk investments in offshore wrapper

A claims manager is attempting to mount a class action against Old Mutual International for its role in allowing high-risk investments through an Isle of Man-based bond wrapper. Old Mutual International is an offshore life company providing open architecture portfolio bond wrappers through which investors, including expatriates, can invest in thousands of different funds. It […]

Developing your personal relationships – Webex

Read more 9amFinancial advisers and solicitors working together Presented by Ian Muirhead, director & chairman at Solicitors for Impartial Advice (SIFA) Listen to Ian’s expert insight and experiences of how financial advisers and solicitors can work together to deliver mutual benefit and enhanced client outcomes. Register here 10am Financial advisers and accountants working together Presented […]


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