The UK government is proposing a ban on cold calling for consumer financial services and products. The HM Treasury has launched a consultation to gather views on the design and extent of the ban, as well as to collect evidence on the proposed ban's effects. This measure was announced in the Fraud Strategy in May 2023, and it will expand the ban on pensions cold calling to include all financial services and products.
The government highlights that cold calling is a common tactic used by criminals to commit fraud, and banning it for financial services and products will prevent fraud attempts from being carried out. The public will be aware that legitimate firms do not use this approach to market financial services or products and should be more likely to terminate or report such calls.
This consultation paper aims to find the best way to implement this ban, preventing scam calls from reaching the public while still allowing legitimate communications from businesses to continue. Additionally, the consultation includes a call for evidence to gather information and data that will allow for a more thorough assessment of the impacts on businesses.
The consultation closes on 27 September 2023
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