Government outlines regulatory timetable for pension cold calling ban

The government said the latest document is a 'technical consultation' which is intended to seek final views on the draft regulations.

The consultation will close on 17 August 2018, after which the government will make any necessary amendments to the draft regulations and publish a consultation response.

The government confirmed that the ban will exclude circumstances in which the recipient has an existing client relationship with the caller or has opted in to receive marketing calls, as well as ensuring that legitimate calls get through, such as calls from advisers following referrals.

Exemptions will apply only to firms regulated by the FCA or to trustees or managers of occupational pension schemes that are regulated by The Pensions Regulator.

Helen Morrissey, pension specialist at Royal London, said: “With every day that passes more people are being targeted by scammers and we need to get this ban in place as soon as possible. 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.”

Jon Greer, head of retirement policy at Quilter, added: “News of a delay to cold calling ban had people throwing their hands up in the air with frustration. While less than ideal, it’s encouraging the Government is at least using the time to get to grips with some of the nuances and complications of a cold calling ban. But let’s not forget it is nearly a whole year since the Government confirmed it would implement such a ban and we are still some months away from it being enshrined in law and a further wait until the public at large will be aware that a ban is in place.

“In the meantime, you can be sure that scammers will be seeing this as a window of opportunity, and therefore we hope the media continues to highlight the intended ban to the general public to build an early awareness.

“It is vital the government sticks to its timelines as the public cannot afford yet another delay. Regulations are expected to go before parliament in Autumn 2018 and we hope that this is the earlier end of Autumn and not stretched out into the very end of 2018, about two years after the initial consultation.

“A ban would raise awareness with people that they should not engage with this kind of activity, but a further delay gives the scammers more time to target those who are most vulnerable in society."