Baroness Altmann – 2016 Parliamentary Question to the Department for Culture, Media and Sport
The below Parliamentary question was asked by Baroness Altmann on 2016-09-13.
To ask Her Majesty’s Government why cold calls regarding mortgages can be banned but not cold calls offering free pension reviews or unregulated pension investments.
Lord Ashton of Hyde
The Financial Conduct Authority (FCA) prohibition on cold calling applies to financial promotion of mortgages by FCA regulated firms. Under the FCA rules, regulated entities (including mortgage providers) are not allowed to engage in real-time financial promotion of mortgages and therefore no legitimate market for telephone promotion and sales exists.
The Government tightened controls on cold calling earlier this year, when amending the Privacy and Electronic Communications Regulations (PECR), making it a requirement for organisations making direct marketing calls to display their Calling Line Identification (CLI). These controls need time to bed in before considering whether further changes, specific to pensions, are appropriate. If there is a case for change, the Government will take the necessary action.
