The 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.”