The much-promised pensions cold-calling ban, legislated for a few months ago and promised to come into effect by end June, is not ready on time.
The Regulations required to implement the ban have not been laid, so the timetable will not be met.
The need for a ban is widely recognised. The sooner cold-calling for pensions is outlawed, the sooner people will be better protected against being scammed and losing their life savings.
So many people have already suffered from such pension frauds – and they almost all start with a cold-call.
Having worked so hard in the Lords stages of the Bill to get a proper ban on pensions Cold-calling, only to then see the measures watered down significantly, it is really disappointing that even these weaker protections will not be put in place on time.
Meanwhile, anyone who receives unsolicited approaches offering help with their pension – whether a call, text, or email – should steer well clear. Official or bona fide firms will not call you out of the blue and those friendly sales people could cost you much or all of your pension.
I urge the Government to ensure these regulations are ready and enacted very quickly.