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Treasury delays cold-call ban to autumn

Hourglass-Deadline-Time-Clock-700.jpgThe 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 a short consultation on the draft legislation to ensure it is as effective and robust as possible.”

AJ Bell senior analyst Tom Selby says: “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’.”

This week the Liberal Democrats raised concerns the government would miss its end of June deadline.

The regulations must be debated by both Houses of Parliament before they can be passed. The regulations are yet to be published.

Royal London policy director and former pensions minister Steve Webb says: “It is deeply disappointing there is now going to be yet more delay. 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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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Why put of something today when you can wait a few months and put it off then?

    Given the “Treasury has confirmed further delay to the pensions cold-calling ban due to ‘technicalities.’” can it be that those disadvantaged by the technicalities can be compensated for their loss by the individuals in HMT.

    I think an advisory firm would have some difficulties in citing technicalities as a reason for not complying with a regulatory directive. Or explain to HMT that tax was not paid due to “technicalities”

    You can see why Brexit considerations and negotiations are such a mess. Must be ‘technicalities again.

  2. Julian Stevens 29th June 2018 at 3:11 pm

    Quite. But it’s largely a waste of time anyway because cold calls from offshore centres can’t be stopped and many onshore centres have robust software to prevent identification.

    It’s a bit like the FCA endlessly making up new rules which, unless it departs from its entrenched policy of trying (in vain) to regulate everyone according to the lowest common denominator, it doesn’t have the capacity to enforce.

  3. David Cathcart 29th June 2018 at 5:35 pm

    Spot on Julian, The regulators will never be quick enough off the mark to get ahead of these people, when one door closes they will always find another way of circumventing the system with the authorities always being 3 steps behind

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