Regulations implementing the ban were due to be in place by June and a statement will now need to be made to Parliament by the Secretary of State explaining the delay.
The Treasury has not yet stated what the technicalities are.
Tom Selby, senior analyst at AJ Bell, comments:
“We have been waiting almost two years for the Government to back up its tough talk on tackling pension scammers with action. It is therefore hugely disappointing that the cold-calling ban faces further delay as policymakers iron out as yet unspecified ‘technicalities’.
“Too many savers have already been fleeced out of their hard-earned retirement pots by scammers, with cold-calling one of the main tactics employed. The glacial pace of Government action on this is frankly shameful and increases the risk of millions of savers being targeted using this method.”
A statement from HM Treasury sent to AJ Bell, says:
“We’re committed to introducing a ban on pensions cold calling as quickly as possible. Following debates in parliament, and having considered evidence from the industry, we will launch a short consultation on the draft legislation to ensure it is as effective and robust as possible. We intend to lay the required regulations before Parliament this Autumn.”