View more on these topics

Second cold-call ban consultation released

Telephone-Phone-Business-Finance-General-700.jpgThe Treasury has today published a “technical consultation” relating to the ban on pensions cold-calling, following criticism for missing its June deadline.

The Treasury confirmed last month the implementation of the ban would be delayed due to “technicalities”.

At that time, a Treasury spokesman 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.”

The consultation today says: “Since the government has already consulted on the policy, this consultation is a technical consultation intended to seek final views on the draft regulations to ensure they meet our policy objectives.”

The consultation closes on 17 August, after which any amendments will be made and a response to the consultation will be published.

The Treasury is asking for responses as to whether the proposed regulations are future-proofed and if they prevent “workarounds”.

It also wants to know what the impact of the ban will be on the legitimate business of firms that undertake pensions cold-calling.

The consultation says the following calls would not be covered by the ban because they are not marketing calls: those from advisers following referrals, calls from a third-party administrator of a pension fund, calls from a provider to the beneficiary of a deceased member’s fund, and calls attempting to find “gone-aways”.

The draft regulations say that those excepted from the ban are where the person being called has consented to being contacted or where the person being called is a client of the caller and would expect to receive “unsolicited” calls regarding direct marketing in relation to their pension scheme.

They also say “direct marketing” includes reference to products or services that could be bought through the funds held in a pension scheme, the offer of advice intended to promote the transfer of funds out of a pension, and the offer of any advice or service to allow assessing the performance of a pension scheme.

Royal London pension specialist Helen Morrissey says: “The consultation says it seeks “final views” with the intention being to lay the regulations before both houses in autumn 2018 ‘subject to parliamentary timetabling’. We urge the government not to let the timetable slip any further on this vital issue.”

Recommended

Cold-calling pension firm shut down

A pension company that invested in storage products with investors’ savings has been ordered into liquidation by the High Court. Kent-based Chartwell Trustee Pension Solutions was the sole trustee of the Pinnacle Pension Scheme. Chartwell amassed in excess of £4.8m of members’ pension funds following an apparent cold-calling telesales operation. Members were told to expect 8 […]

11

Paul Beasley: Campaigning for more regulation must stop

The boss of Richmond House Wealth Management responds to Money Marketing columnist Paul Lewis’s latest article that questioned the effect of pension freedoms I am in the majority of advisers in that I am still, just, in my 50s. I therefore grew up with the Man from the Pru calling monthly to collect premiums, got […]

UK equity income outlook for 2018

Senior RLAM Fund Manager, Martin Cholwill discusses potential sources of volatility and opportunity in the UK equity income sector in 2018. Watch the video here Past performance is not a guide to future performance. The value of investments and the income from them is not guaranteed and may go down as well as up and […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com