Government drops plans for ban on pension cold-calling

abandond call 2The telemarketing industry appears to have escaped a ban on cold calling for pensions after the measure was dropped in the Financial Guidance & Claims Bill.
While some – including members of the House of Lords – have criticised the decision and vowed to fight on, there had been fears that it could deal a potentially fatal blow to the outbound telemarketing industry.
While stopping short of banning cold calling outright, many argued that the ban could easily have been expanded to other areas.
Plans for the scheme – announced by Chancellor Philip Hammond in the Autumn Statement – followed a Parliamentary petition, which also gained support from leading financial services companies, including Royal London.
They argued that fraudsters were exploiting the current rules; losses from pension scams hit a record high of nearly £9m in March, according to figures from the City of London Police.
The Government then launched a consultation, which was due to be published before last month’s General Election. But it now appears to have been dropped.
Former pensions minister Baroness Ros Altmann, a vocal supporter of the ban, said: “If others do not, I hope to table a probing amendment in Committee on the issue, as it is one that I feel so strongly about and had hoped would be resolved. It is important that we can give the public the message that if someone cold calls them about their pension, they are breaking the law, so just hang up.”

Related stories
Pension cold call ban puts outbound sector on alert
Pension cold calling could be banned within weeks
New laws to finally nail rogue call company bosses
Fresh plea to bang up bosses of nuisance call firms
Peers accuse Government of stalling over cold calls

Print Friendly

To leave a comment please register – it takes less than a minute and is free of charge. You will also get our weekly email update The DM Report (to opt out contact subscriptions@decisionmarketing.co.uk). If you are an existing user, please log in. If you have forgotten your log-in details please email info@decisionmarketing.co.uk to get them reset!

Existing Users Log In
 Remember Me  
New User Registration
*Required field