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PIMFA WEEKLY NEWS BULLETIN | 14 February 2022 Dear Nigel,
Welcome to the PIMFA Bulletin; grab a coffee and take 10 minutes to read the latest news impacting you and your firm.
PIMFA and the Online Safety Bill
PIMFA has spent the last year working in collaboration with Which?, City UK, UK Finance, The Money and Mental Health Policy Institute and 12 other consumer groups, charities and trade associations to lobby Government for Investment Fraud, and financial crime more generally, to be included within the upcoming Online Safety Bill. A lot of work has gone into the campaign and it has won the support of many stakeholders, among them notable MPs and various parliamentary select committees, as well as several national newspapers.
The campaign has consistently called for paid-for online adverts to be brought within scope of the Online Safety Bill as this is the best way to ensure fraudsters will be prevented from contacting potential victims. We do not yet know if there will be provisions in the Bill to ensure that search engines, social media and other online platforms will have a duty of care to ensure digital adverts, particularly those purporting to be from financial firms, are legitimate, but the fact that fraud and financial crime are now listed as priority harms suggests that we are heading in the right direction.