CAS has responded to HM Treasury's Consultation seeking views on the design and scope of the ban on cold calling for consumer financial services and products, including a call for evidence on the impacts of the proposed ban.
In our response:
› CAS welcome the introduction of a ban on cold calling to cover all consumer financial services and products.
› An outright ban on cold calling sends a clear message to all consumers, both individual and businesses, that any unsolicited calls, whether over the phone, via electronic communications or in person are no longer allowed and in most cases likely to be a scam to be avoided. An outright ban will reduce the harms and financial losses which both the Treasury and Financial Conduct Authority (FCA) are keen to eradicate.
› No financial provider should be contacting a consumer unless that consumer has provided informed consent for said contact.
› Reflecting on the success of the cold calling ban in 2019 on pensions, this ought to be replicated across all financial products, services and communications.
› CAS recognise that anyone can fall victim to cold calling and so the ban on cold calling for financial products and services will benefit everyone, particularly the most vulnerable.
› CAS fully support inclusion of door to door selling in the cold calling ban.
› CAS recommends introducing this ban as soon as practically possible to ensure the harms caused by cold calling are prudently dealt with.
To read our full response download here.
To read our supplementary call for evidence response download here.