Financial Guidance and Claims Bill to pass through Lords next week – Opperman

The Financial Guidance and Claims Bill is expected to pass through the House of Lords next week, Minister for Pensions and Financial Inclusion Guy Opperman has confirmed.

Speaking at the Association of British Insurers’ retirement conference today, 26 April 2018, Opperman noted that the Bill is likely to be passed through the Lords on Tuesday 1 May.

It is hoped that the Bill, which had its third reading in the House of Commons earlier this week, will then be given royal assent by the Queen later in May, the Pensions Minister stated.

The Financial Guidance and Claims Bill that intends to establish a single financial guidance body, will offer “easier and free access to impartial help” and enable “better financial decisions”, Opperman highlighted. The government is working “with the intention that the single financial guidance body will be up and running before the end of the year,” he said.

A pensions cold calling ban, that is also included in the Bill, is to be put in place by June this year, according to a recent amendment tabled by the government.

The idea to introduce a ban by June was a suggestion made by the Work and Pensions Committee in December 2017, as it warned the government action is desperately needed to protect individuals from scammers. Committee chair Frank Field said he is “delighted” that the ban is being brought forward, adding that the “government is now almost there”.

“This represents a major leap forward in the urgent fight to protect pensioners’ savings against scams and sharp practice,” he said.

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