End to pensions cold calling in sight

Measures to protect individuals against financial scams have moved a step forward as the House of Commons prepares to consider the report stage of the Financial Guidance and Claims Bill.

The government has tabled amendments after taking on board the views of the House of Commons Work and Pensions Committee among them a recommendation to boost take-up of free independent pensions guidance.

New clause 3 proposes to ban pensions cold calling by June. The provision aligns with the committee’s recommended amendment in its Protecting Pensions against Scams report.

The government has also tabled amendments to clause 19 of the Bill covering pension guidance. Amendment 13 requires schemes to ensure that an individual seeking to access pension savings is ‘referred to appropriate pensions guidance’ and ‘has either received appropriate pensions guidance or has opted out of receiving such guidance’. This echoes the committee’s recommendation that individuals be required to...