• Home
  • Admin/Tech
  • Benefits
  • Buzz
  • DB
  • DC
  • Diversity
  • Investment
  • Law & regulation
  • Risk reduction
  • Events
  • Whitepapers
  • Spotlights
  • Digital Edition
  • PPTV
  • Newsletters
  • Sign in
  •  
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
    •  

      You are currently accessing ProfessionalPensions via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0) 1858 438800

      Email: [email protected]

      • Sign in
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
    • YouTube
  • Register
  • Subscribe
  • Events
    • Upcoming events
      event logo
      Investment Conference

      This two part Investment Conference will bring you the latest updates from economists, asset managers and pension consultants. We will be taking a look at the outlook for the 2021 economy, alternatives, cashflow strategies and global equity markets to name a few, assessing how they fared through the volatility and what we can expect for the year ahead.

      • Date: 20 Jan 2021
      • Digital Conference
      event logo
      Webinar: Using passion for ESG to unleash member engagement

      This webinar will look at how pension schemes can harness their members’ interest in ESG to engage them more broadly with their pensions. In particular, it will look at exclusive research showing how members are reacting to ESG; their propensity to act versus their actual behaviour; and the expectations they have of providers in this regard.

      • Date: 26 Jan 2021
      • Webinar
      event logo
      Webinar: What to put on your GMP Equalisation project roadmap for 2021

      This webinar will bring together views from actuaries, lawyers, administrators, trustees and data experts to look at the pragmatic, collaborative solutions that are open to schemes to solve the GMP equalisation challenges in 2021. It will assess the individual challenges schemes face with equalisations and provide some practical options that are available to resolve these issues.

      • Date: 02 Feb 2021
      • Webinar
      event logo
      Webinar: Will the world return to normal in 2021?

      In this webinar, PP editor Jonathan Stapleton will be joined by BMO’s chief economist Steven Bell and director of fiduciary management, Christy Jesudasan, alongside PTL trustee director Melanie Cusack and Isio’s head of fiduciary management oversight Paula Champion to discuss the significant impact of these themes on the pensions sector.

      • Date: 04 Feb 2021
      • Webinar
      View all events
      Follow our Professional Pension Events

      Sign up to receive email alerts about our events

      Sign up

  • Whitepapers
    • How DC schemes can gain exposure to different asset classes in a low-return environment

      So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap,' ‘pension freedoms' or consultations around ‘value for money', says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).

      Download
      Pension freedoms three years on

      In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.

      Download
      Find whitepapers
      Search by title or subject area
      View all whitepapers
  • Spotlights
  • Digital Edition
Professional Pensions
Professional Pensions
Sponsored by T. Rowe Price
  • Home
  • Admin/Tech
  • Benefits
  • Buzz
  • DB
  • DC
  • Diversity
  • Investment
  • Law & regulation
  • Risk reduction
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
  •  

    You are currently accessing ProfessionalPensions via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0) 1858 438800

    Email: [email protected]

    • Sign in
  • Law and Regulation

Cold-calling ban will be in place by 2020, minister confirms

Cold-calling ban will be in place by 2020, minister confirms
  • James Phillips
  • James Phillips
  • @PPJamesPhillips
  • 15 November 2017
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
0 Comments

A ban on pensions cold-calling will be in place before the start of the next decade, a Treasury minister has told the Work and Pensions Committee (WPC).

The ban, which was announced in the 2016 Autumn Statement and confirmed this summer, will be put to parliament and the public for consultation via draft legislation next year.

It will prohibit phone calls, text messages and e-mails regarding pensions from firms to which an individual does not have a prior connection.

Related articles

  • LGPS funds see increase in claims over historic transfers
  • Dormant assets scheme expanded to include pensions
  • Opperman: New TPR powers will not be backdated
  • DB funding - December 2020: Deficit up £76bn over 2020, says PPF

The timetable was confirmed by economic secretary to the Treasury Stephen Barclay, although he refused to provide a steadfast date, stating he did not want to make a commitment that "are often not kept" by politicians.

Giving evidence to the WPC's inquiry into the pension freedoms, Barclay said it was the government's intention to introduce the ban as quickly as possible, but to ensure that it was right.

He added that the government does not plan to "fundamentally amend" the House of Lords' amendment to the Financial Guidance and Claims Bill to mandate the upcoming single financial guidance body (SFGB) to produce an annual report on cold calling. However, he said introducing the ban via this method would mean the ban would not be effective until 2020.

"How do we this as quickly as possible? The concern is that the amendment… says the single financial guidance body can bring an annual report.

"To some extent if one followed that amendment through to conclusion, you would have an earliest date of 2020. We have an ambition to act before 2020."

This legislation will be "informed by the [WPC's] session," he also said. 

Asked why the government has not just amended the bill itself to introduce the ban, Barclay said it was important that the legislation is consulted on.

"Within the draft of the legislation, one needs to look at how to balance it against the legitimate marketing," he said. "That detail needs to be consulted on, which is why we need the draft legislation.

"We want to get the legislation right, because there is complexity… but there is a commonality of interest that no-one wants to see people being ripped off.

"How do we land the legislation in the right way? It's not about giving a firm date; it's about how do we get the policy right?"

He also said introducing the ban was not as simple as a similar rule for mortgages, stating this was different as it was passed through Financial Conduct Authority (FCA) rules, whereas pensions require a different mechanism.

 

Guidance

Pensions and financial inclusion minister Guy Opperman also rejected suggestions that take-up of Pension Wise guidance was "abysmal", as put by WPC member Steve McCabe MP, and disputed the need for the guidance to be made mandatory in cases of pension transfers.

"We don't believe mandating [guidance] is the appropriate way forward," he said. "We acknowledge and accept that there is a legitimate and correct debate about how can we improve the quality of [guidance] services."

"After much consideration, the decision was made to create the SFGB," he continued. "We should be addressing better ways to give guidance and going forward the hybrid version is the right way forward."

Asked whether there needs to be a default pathway at retirement, Barclay hinted the government would consider this in the future: "We need to be conscious of the danger of defaulting individuals into unsuitable [decumulation] products, but it is something we are going to look at."

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Law and Regulation
  • Stephen Barclay
  • HM Treasury
  • DWP
  • department for work and pensions
  • Guy Opperman
  • cold calling
  • cold calling ban
  • Pension scams
  • guidance
  • Pension Wise
  • WPC
  • freedom and choice

More on Law and Regulation

2021 outlook: What's next for regulation?

After a year that took everyone by surprise, experts tell Professional Pensions what could be on the horizon for regulation in 2021.

  • Law and Regulation
  • 30 December 2020
TPR bans corporate trustee and its director for 'serious' failings

The Pensions Regulator (TPR) has banned a corporate trustee and one of its directors from acting as pension scheme trustees after multiple governance failures highlighted a lack of competence, capability and integrity.

  • Law and Regulation
  • 24 December 2020
Equalising transfers: What if there was another way?

Steve Nicholson looks at how schemes can go about implementing the most recent Lloyds ruling

  • Law and Regulation
  • 18 December 2020
Two reviews had urged for governance improvements
MNRPF trustees replaced after ignoring governance recommendations

The Merchant Navy Ratings Pension Fund (MNRPF) has replaced every member of its trustee board following a drawn-out battle with The Pensions Regulator (TPR) to improve governance.

  • Law and Regulation
  • 17 December 2020
Philp: Small pots is an issue that needs solving
DWP taskforce sets out actions to enable large-scale consolidation of deferred small pots

The small pots working group has made a number of recommendations on how to tackle the growth of deferred members with small pension pots within the AE pensions market – urging the government and industry to take action to enable large-scale mass transfers....

  • Defined Contribution
  • 17 December 2020
blog comments powered by Disqus
Back to Top

Most read

Opperman: New TPR powers will not be backdated
Opperman: New TPR powers will not be backdated
Barclays Bank UK Retirement Fund integrates ESG and climate risk into £1.3bn DGF
Barclays Bank UK Retirement Fund integrates ESG and climate risk into £1.3bn DGF
Hymans Robertson and Isio appointed to Scottish Enterprise Scheme
Hymans Robertson and Isio appointed to Scottish Enterprise Scheme
DWP urged to give pension funds a stronger steer on dashboard data
DWP urged to give pension funds a stronger steer on dashboard data
Overloaded fraud police need industry support on scams, MPs told
Overloaded fraud police need industry support on scams, MPs told
Trustpilot

 

  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters
  • YouTube

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading