Hogan Lovells

Key Dates

Consultation response issued on 21 August 2017.

New clause 3 in Notice of Amendments issued on 7 March 2018.


Summary

The government has issued a new clause for inclusion in the Financial Guidance and Claims Bill, which will require the Secretary of State to make regulations to ban cold calling in relation to pensions by June, or otherwise to explain to Parliament why regulations have not been made and setting a timetable for making the regulations.

Background

In August 2017, HM Treasury and the DWP issued a response to consultation on various measures intended to reduce the risk to members of the public from pension scams. Points to note in relation to cold calling include the following.

·         The government intends to proceed with its proposed ban on cold calling in relation to pensions and will extend the ban to include all electronic communications about pensions.  However, the ban will not cover cold calls about other investment products as the government considers the risks in relation to pensions to be uniquely high.

·         There will be no exceptions to the ban for particular sorts of offers about pensions, and the prohibition will be drafted widely enough to include offers to "trace lost pension pots" or to "consolidate pension pots".

·         Calls to individuals with whom the provider has an existing relationship, or in response to a request for a call, will be permitted.  

·         The Information Commissioners' Office (ICO) will be responsible for enforcing the ban.



Date Accessed: 03/12/2021