Pension Cold Calling Ban Delay

Published / Last Updated on 12/07/2018

We have all been plagued at some point by cold calls from claims management companies and sadly, many have been duped by cold calls on pension scams with £millions lost to fraudsters.

The Financial Guidance & Claims Act 2018 became law on 10 May 2018 and was supposed to lead to a stronger regulatory framework for claims management companies by combining two areas of finance, that of financial guidance and that claims management to make one, single financial guidance body.  This then to be paid for out of levies on debt management and claims management firms.

The finer detail was supposed to be in place by the end of June to establish the new regulatory body, but sadly, the deadline was missed.

Cold Calls Ban

A spin off for the Act was the banning of cold calls for claims management firms which in addition, would cover cold calling on many other finance related areas such as pension transfers, where so many people have suffered by losing money to pension scammers.

Comment

The government suggest that as the regulations have not been established, this may mean a delay until the Autumn and then and only then will protection from cold calls come into play.  Perhaps MPs and Ministers should not take their ridiculously long summer recess from 24 July 2018 to 4 September 2018 and then ‘Oh, let’s have another 4 week break’ just 9 days later for “Conference Season” from 13 September 2018 to 9 October 2018.    Maybe, just maybe, we might get something done and actually get these regulations in as well get Brexit plans on a steadier course so that we, as financial advisers, can advise clients accordingly and plan our own business strategy.

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