HMRC launches new consultation on pensions cold calling ban

Following a previous consultation on the matter, HMRC has launched a new technical consultation on draft proposals to ban pensions cold calling.

During the 2016 Autumn Statement, the government outlined its intention to tackle so-called ‘pension scams’, including banning cold calling in relation to pensions.

The government has stated that it is ‘committed to protecting people from pension scams, and pursuing those who perpetuate pension scams’. Its technical consultation focuses on policy intentions behind the proposed ban on pensions cold calling, and invites comments on the issue.

Under the proposals, unsolicited marketing calls relating to pensions will be banned, alongside cold calls that offer a ‘free pension review’, or other free financial guidance.

The government also outlined its intention to ban cold calls that promote retirement income products, such as drawdown and annuity products, or offer an assessment of the performance of an individual’s current pension funds.

A spokesperson for the Treasury recently commented: ‘We’re committed to introducing a ban on pensions cold calling as quickly as possible.

‘We intend to lay the required regulations before Parliament this autumn.’

The government proposals can be found here. The consultation closes on 17 August 2018.

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