Amendments to the Financial Guidance and Claims bill

29 October 2017

Currently passing through Parliament is the Financial Guidance and Claims Bill: which seeks to establish a new financial guidance body; provide for the funding of debt advice in Scotland, Wales and Northern Ireland; and regulate claims management services.

Last week during the Report stage in the Lords a cross-party amendment was tabled and accepted which would enable the new financial guidance body to make and publish an annual assessment of any consumer detriment. Furthermore, if the financial guidance body concludes that there are products and services where a ban on cold calling would help it exercise its functions, including consumer protection, it would have to advise the Secretary of State to institute such bans. Any ban would extend to the commercial use of data obtained by cold calling.

Also tabled is an amendment by the Fair Telecoms Campaign, put forward following their campaign in this regard, to require the Financial Conduct Authority to prohibit cold calling by claims management companies and their agents.

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