Cold calling will attract fines but will not be a criminal offence
The consultation has rejected calls for cold calling to become a criminal offence with a possible custodial sentence adding that fraudulent activity is already illegal and can lead to imprisonment.
It will work with the ICO to ensure consumers can easily report cold calls and provide sufficient funding. The consultation also notes the industry’s strong desire for a public awareness campaign in the national media especially as the ban will not affect overseas firms but it makes no commitment.
Limiting the statutory right to transfer
The government is proposing limiting the statutory right to transfer from a pension scheme to three destinations – personal pension schemes operated by firms authorised by the FCA, authorised Master Trust schemes and receiving occupational pension scheme where a genuine employment link can be evidenced.
It is also keen that legitimate transfers should not be blocked unnecessarily including QROPs and it will engage with stakeholders this year.
It suggests that despite the change trustees or managers will “authorise the vast majority of transfers”.
The response rules out a range of industry suggestions including a cooling off period perhaps involving a statutory discharge letter from trustees or pension scheme managers, a requirement for clients to seek pension guidance and a transfer authorisation process for employer schemes run through TPR. It has also ruled out a requirement for pensioneer or independent trustees for SSAS’s on grounds of the cost burden.
