Liberal Democrats in the Lords, led by John Sharkey, have won key amendments to the The Financial Guidance and Claims Bill which could bring an end to cold-calls from organisations selling financial services.
The Bill is designed to merge three existing financial and pension guidance services – the Money Advice Service, the Pensions Advisory Service and Pension Wise – into one Single Financial Guidance Body (SFGB).
The amendments won yesterday mean that the Secretary of State will be able to bring in a ban on cold calling, if the SFGB finds cold-calling detrimental to consumer protection.
Commenting, Leader of the Liberal Democrats in the Lords, Dick Newby, said:
"Liberal Democrats are delighted that the government has had to accept our amendments on this vital issue. Cold calling is a scourge of modern society and companies flogging financial services often prey on the most vulnerable."
"This move is another step towards ending the menace of cold calling once and for all."