As it ran out of parliamentary time for the legislation, the Treasury confirmed today that the ban will be pushed back to the autumn to allow more time for debate and consultation.
It was hoped that new rules paving the way for the ban would be introduced this month.
Tom Selby, senior analyst at AJ Bell, said: “We have been waiting almost two years for the Government to back up its tough talk on tackling pension scammers with action. It is therefore hugely disappointing that the cold-calling ban faces further delay as policymakers iron out as yet unspecified ‘technicalities’.
“Too many savers have already been fleeced out of their hard-earned retirement pots by scammers, with cold-calling one of the main tactics employed. The glacial pace of Government action on this is frankly shameful and increases the risk of millions of savers being targeted using this method.”
A statement from HM Treasury sent to AJ Bell, stated: “We’re committed to introducing a ban on pensions cold calling as quickly as possible. 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.”
Royal London’s policy director and former pensions minister Steve Webb said: “‘Campaigners had been hoping that the vital final stage in implementing a cold-calling ban would have been completed by now.
“It is deeply disappointing that there is now going to be yet more delay. With every passing day yet more people are being scammed after a process which started with a cold call. We don’t want a statement from the Government telling us how difficult it is – we want action and action now.”
Baroness Ros Altmann, also a former Pensions Minister, said: “The much-promised pensions cold-calling ban, legislated for a few months ago and promised to come into effect by end June, is not ready on time. The Regulations required to implement the ban have not been laid, so the timetable will not be met.
“The need for a ban is widely recognised. The sooner cold-calling for pensions is outlawed, the sooner people will be better protected against being scammed and losing their life savings. So many people have already suffered from such pension frauds - and they almost all start with a cold-call.
“Having worked so hard in the Lords stages of the Bill to get a proper ban on pensions cold-calling, only to then see the measures watered down significantly, it is really disappointing that even these weaker protections will not be put in place on time. I urge the Government to ensure these regulations are ready and enacted very quickly.”