Tuesday, July 03, 2018

Tories have broken their promise to ban pensions cold calling

Liberal Democrat MP Stephen Lloyd has today slammed the Tory Government for failing to meet their deadline to ban cold calling by companies selling pension products.
During debates on the Financial Guidance and Claims Bill, Treasury Minister John Glen committed to “ban pensions cold calling quickly” and promised to make a statement to Parliament if he failed to do so by the end of June.
That deadline has now passed and Stephen Lloyd is demanding that a minister appears before the House of Commons to explain the reasons for the delay.
The Government commitment to ban pensions cold calling was secured by Liberal Democrat peer John Sharkey through winning key amendments in the House of Lords to ban cold calls from organisations selling various financial services.
Liberal Democrat Work and Pensions Spokesperson, Stephen Lloyd MP, said:
“A cold calling ban for pension products is urgently needed to protect the most vulnerable in our society from harassment and deception.
“The proposed ban had cross-party support, including from the Work and Pensions Select Committee, and the Government said they were committed to bringing in the ban as soon as possible. But this promise sounds increasingly hollow.
“Whilst the Treasury is hopelessly consumed by Brexit, they are standing by as vulnerable people are deprived of their financial security.
“The Tories have promised to get on with this. It is past time they did.”

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