Stuart Price, is Partner and Actuary at Quantum Advisory, which has offices in Amersham, Birmingham, Bristol, Cardiff, and London. Quantum provides pension and employee benefits services to employers, scheme trustees and members.
For more information about Quantum Advisory, please visit: https://quantumadvisory.co.uk.
Following the government’s confirmation that the ban on pensions cold-calling will now be delayed until at least the Autumn, Stuart Price, Partner and Actuary at Cardiff’s Quantum Advisory, looks at the situation.
“Pension scams are primarily unregulated investments that promise ‘guaranteed returns’ and access to pension funds earlier than legislation allows. There is an estimated 250 million cold calls made each year enticing people to transfer their hard earned pension funds into these arrangements. Fraudsters also send emails and texts which are just as convincing and dupe innocent people out of their retirement funds.
“The government has been promising to crack down on pension scammers for almost two years now, and yet still nothing has come to fruition. Whilst the Financial Guidance and Claims Bill which introduced provisions for the ban on cold-calling received Royal Assent in May 2018, final regulations enabling the ban are still to be put before Parliament.
“A spokesman has been quoted as saying ‘following debates in Parliament, and having considered evidence from the industry, we will launch a short consultation on the draft legislation to ensure it is as effective and robust as possible. We intend to lay the required regulations before Parliament this Autumn.’
“Long-term campaigner against cold calling, Baroness Ros Altmann, has expressed her disappointment that the bill will not happen on time, an opinion echoed by her predecessor Minister of State for Pensions, Sir Steve Webb. Fingers crossed everything runs smoothly and the bill will be in place by Christmas.”