High-Cost Credit and Debt Management

Baroness Altmann Excerpts

Monday 10th October 2016 Lords Chamber

[Lord Young of Cookham]

The noble Baroness has put her finger on the problem: many of these so-called cold calls are not cold calls at all. They are called warm calls in that, perhaps inadvertently, people have ticked a box on a website which has enabled that site to contact them at a later date or, even worse, to share their details with other providers. I hope that the FCA can pick up on this as it goes through the authorisation process. As I said in response to the initial Question, the FCA is reviewing the consumer credit rules in relation to cold calling at the moment and I will ensure that it takes on the very valid point that the noble Baroness has just made.

[Baroness Altmann (Con)]

My Lords, I am delighted to hear that the Government are reviewing cold calling. I would be grateful if my noble friend could confirm that that review will also consider banning cold calling for pensions, in light of the recently introduced freedoms.

[Lord Young of Cookham]

I take this opportunity to thank my noble friend for her services at the Department for Work and Pensions up to last July—services which are missed by nobody more than myself as I now have to do some of her work. So far as cold calling for pensions is concerned, I note that my noble friend has taken this up since people have been able to switch their pot out of their providers and into something else. I cannot say whether this will be swept up in the review of high-cost credit and debt management but I will certainly see that the point is taken on board elsewhere.