The government has decided not to legislate to ban pensions cold-calling.
Peta Buscombe, Conservative member of the House of Lords and parliamentary under-secretary of state for work and pensions told the chamber that the Financial Guidance bill would not contain a move to outlaw cold-calling.
She said: “We do not propose to include a cold-calling ban in the Bill at this time.”
Kate Smith, head of pensions at Aegon, said: “It is hugely disappointing to see the government shy away from tackling an issue that has a disproportional impact on the most vulnerable in society. There is a certain irony too that this has been revealed during National Scams Awareness Month.
“Scammers are becoming more sophisticated and always finding new ways to target people’s money, but tackling the prevalence of cold-calling is a simple step that could stamp out a lot of scammers’ underhanded tactics. With such widespread support for a cold calling ban it’s a shame it is not featured in the bill. The industry must continue to put pressure on the government to ensure that legislation is brought back to the House in good time and not simply kicked into the long grass.”
The answer is to strongly regulate the conditions & provisions that a pension company can offer. Reducing legitimate pension advisors ability to communicate with the public is totally counterproductive. The FCA’s (previously FSA) earlier intervention into reducing remuneration to financial advisors has resulted in many 1,000’s of people not having either the life assurance or the pensions they really need because people do not buy these products unless sold to. They forget about them. And the amount of time & paperwork required now makes it non viable for financial advisors to deal with the average earner. So leave the public to get legitimate & professional advice for genuine products that are carefully monitored and passed by the FCA.
And I am not involved in the life & pensions industry.