Thursday, 20 April 2017 11:32

Election may harm Chartered planner's pensions cold call ban bid

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Chartered Financial Planner Darren Cooke, founder of Red Circle Financial Planning Chartered Financial Planner Darren Cooke, founder of Red Circle Financial Planning

A quick ban on pensions cold calling could be scuppered by the snap election, campaigners fear.

Chartered Financial Planner Darren Cooke, founder of Red Circle Financial Planning, launched a petition last year which led to the Government announcing a ban on pension cold calls in November.

AJ Bell, which backed his campaign, today expressed concerns that the election could have a damaging knock on effect on the plans.

Tom Selby, senior analyst at AJ Bell, said: “The momentum behind banning pensions cold-calling and taking the fight to scammers more broadly seemed unstoppable ahead of the Autumn Statement last year. But five months on from the announcement of a long overdue clampdown on fraudsters, the Government has still not confirmed when the ban will be introduced or how other measures will be implemented.

“The Brexit preparations already risked sapping Treasury time and energy away from this important work. With a snap election now on the horizon, we are deeply concerned this vital consultation will be kicked into the long grass.This must not happen.”

Mr Cooke said: “The regulatory bodies have stepped up their efforts to warn people of the dangers of cold-calling and scams but we need the ban to be in place to send that definite message to the public to just hang up on a cold call. We must continue to push for the legislation to be on the statute books as soon as possible to protect the public - every day of delay more people will lose their money and their financial future.”

AJ Bell also urged the Government to seriously consider expanding the cold-calling ban to include investments.

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