The ban on pension cold-calling has been approved by parliament and will take effect from 9 January 2019 to help tackle pension scams.
The legislation, originally intended for introduction in June 2018, was launched in the government’s 2018 Budget and its introduction date confirmed by Economic Secretary to the Treasury, John Glen MP, on Twitter yesterday (19 December 2018).
In his tweet, Glen described pension cold-calling as “a scourge” and said that “the ban will officially come into force on 9 January”.
Firms that have been found to be breaking the ban by the Information Commissioner’s Office could face fines of up to £500,000.
The ban, which includes emails and texts, was originally meant to be introduced in June 2018, but the government admitted it had missed its deadline and issued a consultation in its place.
The initial plan to ban cold-calling was announced in August 2017.
It was finally approved by the House of Commons on 18 December 2018 in the Privacy and Electronic Communications (Amendment) (No. 2) Regulations 2018.
When contacted, the Treasury confirmed the date that the law will come into effect and said it would provide further comment in due course.