The imposition of a complete ban on cold calling has almost certainly been passed by the government.
The third and final reading of the Financial Guidance and Claims Bill has now been cleared in the House of Commons, including the provision for a ban on pension cold-calling as well as qualified restrictions as to when this would apply. The amendments stopped short, however, of a total ban.
Whilst the House of Lords now have the opportunity to reject, amend or accept current amendments as the bill enters the ping pong stage, it is unable to implement anything else. As such, it’s highly unlikely that a complete ban will not be introduced.
Meanwhile, Guy Opperman has stated that the new single financial guidance and claims body – which the bill will create, could be up and running by winter this year.
Delivering a talk at an Association of British Insurer’s event, the minister for pensions and financial inclusion said that he anticipates the body could be operational in late 2018. Aiming to streamline and simplify the current model, this is set to bring together the Pensions Advisory Service, the Money Advice Service as well as Pension Wise into one guidance body.
