Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • June 2017
06

Proposed ban on pension cold calling shelved

Open-access content Friday 7th July 2017 — updated 5.50pm, Wednesday 29th April 2020

Plans to clamp down on opportunists taking advantage of pensioners through scam phone calls have been omitted from the UK government’s Financial Guidance and Claims Bill.

2

Speaking at the House of Lords on Wednesday, Conservative peer Baroness Buscombe said the government would publish its response to a public consultation on how to tackle cold calling "shortly".

But added: "It is a complex area that requires careful and detailed consultation with stakeholders during the year. As such, we do not propose to include a cold calling ban in the bill at this time."

The government consultation was launched in December last year after research found fraudsters could have been behind 11% of the 30,000 defined contribution scheme transfers in 2015/16, which represented £1bn in assets.

Additional research by the Money Advice Service has shown there could be up to eight scam calls made every second - the equivalent of 250 million a year - as individuals take advantage of pension freedoms introduced in 2015.

"The government is falling short of its responsibilities to the public when it refuses to tackle issues such as this," Barnett Waddingham, self-invested technical specialist, James Jones-Tinsley, said.

"We still regularly come across untrustworthy investment prospects in the pensions sector and we would advise anyone to seek independent advice before making any decisions."

The main purpose of the bill is to merge the Money Advice Service, the Pensions Advisory Service, and Pension Wise, into one Single Financial Guidance Body, and provide debt advice funding to Scotland, Wales and Northern Ireland.

In addition, it aims to transfer claims management regulation from the Claims Management Regulation Unit of the Ministry of Justice, to the Financial Conduct Authority.

Association of British Insurers assistant director, James Bridge, said: "The government's decision to create a new public financial guidance body echoes our own calls that quality advice and guidance are critical to supporting good customer outcomes.

"Improving access to advice and guidance has to be a priority, and we look forward to engaging further with the government on this issue going forward."

A detailed line-by-line examination of the Financial Guidance and Claims Bill will take place later this month as it progresses through the House of Lords.


Sign up to our free newsletter here and receive a weekly roundup of news concerning the actuarial profession

This article appeared in our June 2017 issue of The Actuary.
Click here to view this issue
Filed in
06

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

New Fast-Growing Team - Actuarial Systems Development

London (Greater)
Excellent Salary Package
Reference
143762

Actuarial Pension Consultant – Scotland/Remote – Up to £90,000 plus bonus

Edinburgh / Glasgow / Remote working
Up to £90,000 + Bonus
Reference
143761

Part Qualified Pensions Actuary– Specialised Pensions Consultancy - Scotland/Remote - Up to £70,000

Edinburgh / Glasgow / Remote working
Up to £70,000 + Bonus
Reference
143760
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ