Those amazing Lib Dem peers have been at it again – winning crucial changes to legislation.
As the Financial Guidance and Claims Bill completes its stages in the Upper House, the Liberal Democrats have secured a significant victory following the government’s acceptance of crucial Liberal Democrats amendments.
Led by John Sharkey, we campaigned in the House of Lords to end cold-calling in relation to pensions, claims management and other financial services.
The Government have now committed to a total ban on pensions cold-calling, as well as prohibitions on other forms of cold-calling if these are shown to be detrimental.
The Lib Dems also secured a provision requiring people accessing their pensions to be referred to guidance, unless they explicitly opt out.
Stephen Lloyd our Pensions Spokesperson said:
I am delighted that the government has seen reason and moved to clamp down on the scourge of cold-calling. Every year millions of people are harassed and deceived by cold-callers, and in some cases the financial consequences can be severe. These measures will greatly improve the situation, and I will be watching the government closely to ensure they do not backtrack.
None of this would have been possible without the valiant efforts of Liberal Democrat peers in the House of Lords, led by John Sharkey. Not only did the Lib Dems table and win the amendments that led to today’s ban on cold-calling, they also secured provisions requiring people accessing their pensions to be referred to guidance. This will ensure that people truly make the best of their hard-earned savings.
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8 Comments
Or in other words fixing the problems Steve Webb didn’t (but should have).
And does that include cold calling by politicians?
Haha.
As someone who does phone banking (basically cold calling) around elections for the party, I find this hypocrital virtuousness of this move amusing.
Am guessing the party too celebrates the virtue of GDPR. But will find it near impossible to campaign in the way it does once it’s been implemented.
Rather like the very virtuous text in the Conference brochure saying “Distribution of literature is not allowed inside or directly outside the STCC. Excessive distribution of promotional literature is not in line with the party’s environmental policies.” Laughable given the volumes of printed literature distributed to voters by the party during elections.
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Any major change in financial arrangements soon starts the sharks circling, but it’s difficulty ahead of time to see what particular scam they will adopt, so there must be a delay in counter-measures.
Cold calls here mostly misuse well-known names in offers to help me with my computer or my mobile phone. And often, to protect me from nuisance calls! I cut them off politely and promptly. They are probably someone’s son or daughter working in bad conditions for low pay. I am TPS registered.
I have a theory that a good indicator of the next mis-selling scandal is what the ads on daytime cable and satellite TV are pushing. At the moment, they are promoting funeral savings plans with such force and urgency that you might think that they fear Death is about to go out of business.
I’ve never understood the concerns about cold calling are people really unable to hang up. Not really a very impressive victory.
James, these are the rules you will have to follow:
“4.6 Individual members of the public who are not Party Members must not be contacted by –
a) Email, unless they have specifically, voluntarily and in full knowledge of how they will be contacted, Consented (6.10) to be opted into receiving emails.
b) Telephone, unless they have specifically, voluntarily and in full knowledge of how they will be contacted, Consented (6.10) to be opted into receiving Telephone Calls.”
It was blisteringly obvious that allowing people to spend their pension funds how they chose was going to open up a huge route for abuse. Large numbers of people with no experience of managing large investments suddenly being able to do that. Introducing pension freedoms without proper safeguards was giving people the right to be exploited, hardly a liberal position.
It’s not hypocritical.
The party calls people to ask them to vote for us, based on published literature and a track record of activity.
They cannot be forced, coerced or conned into doing So- and even if they were it would not mean a complete loss of their lifesavings.
Financial cold calls are very different from political canvassing.