The Treasury has confirmed the implementation of the pensions cold-calling ban will be delayed until autumn this year.
In a statement, the Treasury explained the legislation would be pushed back while it consulted further on “technicalities” in relation to the ban.
The Treasury has yet to elaborate on what those technicalities might be but said:”We are 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.”
After the legislation introducing the ban received Royal Assent in May, the regulations outlining the means of its implementation were due to be in place by the end of June.
The government’s amendment said that before regulations could be brought into force, however, they would have to be debated by both houses of Parliament. The regulations have yet to be published and Parliament will rise for its summer recess on 24 July.
A statement will therefore now need to be made to Parliament by the secretary of state explaining the delay.
AJ Bell senior analyst Tom Selby 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 the cold-calling ban faces further delay as policymakers iron out as yet unspecified ‘technicalities’.”
He continued: “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 issue is, frankly, shameful and increases the risk of millions of savers being targeted using this method.”
Royal London policy director and former pensions minister Steve Webb said: “It is deeply disappointing there is now going to be yet more delay. With every passing day, yet more people are being scammed after a process that 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, another former pensions minister, said: “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.”