A ban on pension cold calling has been delayed until autumn, the government has confirmed.
The Treasury says a consultation is first needed to ensure future legislation is both “effective and robust”.
This is expected to be published in July to coincide with Economic Secretary to the Treasury, John Glen MP’s speech in parliament laying out the timeline for the Financial Claims and Guidance Bill, which the ban falls under.
A HM Treasury spokesperson comments: “We’re committed to introducing a ban on pensions cold calling as quickly as possible. Following debates in Parliament, and having considered evidence from the industry, we will launch a short consultation on the draft legislation to ensure it is as effective and robust as possible. We intend to lay the required regulations before Parliament this autumn.”
Moneywise reported earlier this week that the government was likely to miss its own end of June deadline for introducing the legislation.
It comes after the idea for a ban was first mooted over a year and a half ago.
Tom Selby, senior analyst at financial provider AJ Bell, has called the delay “hugely disappointing”. He says: “We have been waiting almost two years for the government to back up its tough talk on tackling pension scammers with action. It is therefore hugely disappointing that the cold-calling ban faces further delay as policymakers iron out as yet unspecified ‘technicalities’.
“Too many savers have already been fleeced out of their hard-earned retirement pots by scammers, with cold-calling being one of the main tactics employed. The glacial pace of government action on this is frankly shameful and increases the risk of millions of savers being targeted using this method.”