In its latest response to the Government, the coalition states there is still a long way to go in protecting consumers against online scam ads.
The joint statement reads: “As a coalition of consumer groups, charities and industry bodies, our united view is that the Government’s current approach to tackling online fraud is flawed. It will likely lead to complex and muddled regulations and far worse consumer outcomes than an Online Safety Bill with a comprehensive approach to online fraud.
“While we welcome the recent inclusion in the Bill of fraud carried out through user generated content and fake profiles on social media websites, there is a long way to go. Failing to include online advertising in the Bill leaves too much room for criminals to exploit online systems.
“This view is backed by the Financial Conduct Authority, Bank of England, City of London Police, Work and Pensions Committee, and Treasury Committee, who have all commented that the scope of the Online Safety Bill should be expanded to include fraud carried out via online advertising.
“We do agree with the Government that the impact of these frauds is often devastating, not just financially but also emotionally. That’s why we urge ministers to reconsider their current plan, and make sure the Bill protects as many consumers as possible from the full extent of the devastation caused by scams.”
The full list of the 13 organisations that have signed the statement
Here’s a full list of the 13 organisations that have signed today’s response to the Government:
- Age UK
- The Association of British Insurers
- Carnegie UK Trust
- Innovate Finance
- The Investment Association
- Money and Mental Health Policy Institute
- Personal Investment Management & Financial Advice Association (PIMFA)
- B&CE Ltd, provider of the People’s Pension
- UK Finance
- Victim Support
May’s letter from the coalition had received the support of 17 organisations. Those that haven’t signed today’s follow-up response include The Association for Financial Markets in Europe (AFME), City of London Corporation, City of London Corporation Police Authority Board, and City of London Police.