The Conservative Department for Work and Pensions representative for the House of Lords has said the government will not include the pensions cold calling ban in the Financial Guidance bill, despite heavy pressure from campaigners.
Last year IFA Darren Cooke started a petition to ban pension cold calling which garnered thousands of signatures as well as support from firms such as Royal London and Hargreaves Lansdown. Following this the chancellor Philip Hammond announced a ban in last year’s Autumn statement.
However despite launching a consultaiton, the government is yet to legislate for it and is now facing growing calls to bring into law.
Speaking in the House of Lords last night, the former pensions minister Ros Altmann pushed the government to push forward the legislation on pension cold calling.
‘I ask my noble friend to consider bringing back the abandoned legislation to ban cold-calling on pensions, too. 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,’ she said.
However Peta Buscombe, the Conservative House of Lords member who was recently appointed parliamentary under-secretary of state for work and pensions, decided against including an amendment to the Financial Guidance Bill to include a cold calling ban.
‘The government plan to publish their response to the consultation shortly, setting out our intended next steps. It is a complex area that requires careful and detailed consultation with stakeholders during the year. In particular, there are questions of how to define existing relationships and how to deal with referrals and third parties. As such, we do not propose to include a cold-calling ban in the Bill at this time,’ Buscombe said.