A group of MPs are calling on the government to act fast on banning cold-callers who try to sell pensions.

The Work and Pensions Select Committee want the government to include a ban in the Finance Guidance and Claims Bill, which is before parliament.

The idea was dropped ahead of the general election back in June 2017 and then failed to make it into the original Financial Claims and Guidance Bill, despite being announced in Autumn Statement 2016.

Almost £5 million was lost to pension scammers in the first 5 months of 2017.

The report argues that a ban might not prevent all cold calls from taking place, but it will increase public awareness of the issue and encourage those at risk not to trust these callers.

If included in the bill, a ban could be in place by June 2018.

Steve Webb, director of policy at Royal London, said:

“There can be no excuse for the government continuing to delay a ban on cold-calling.

“The scammers get more inventive and more creative with every passing week, and the danger is that regulators are always two steps behind.”

Talk to us about your retirement plan.