Pensions

Pensions cold-calling ban extension finds overwhelming adviser support

A Money Marketing reader poll has showed overwhelming support for extending the Government’s cold-calling ban beyond pensions.

The Government confirmed it would introduce a pensions cold-calling ban that would also encompass approaches by email and text last month.

However, the rules will not cover sellers who approach clients out of the blue with non-pensions related investments.

Profile: Darren Cooke on being the face of the pension cold-calling ban

Money Marketing asked our readers whether the pensions cold-calling ban should have been extended to all investments.

86 per cent said it should, 10 per cent disagreed, while 5 per cent were undecided.

High-profile commentators including Money Marketing columnist Paul Lewis  and the Personal Finance Society have been critical of both the lack of scope in the measures, but also of how long it will take the Government to get the rules into force.

The Government said in its consultation response that a number of respondents had asked it to extend the ban “because scams could occur without mention of pensions, with fraudsters referring to ‘alternative investments’ instead.”

Advisers hit out at holes in cold-calling ban

The Government said the extension would not be “proportionate” and that “cold calls in relation to pensions are a special case where levels of consumer detriment are uniquely high.”

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