Quilter has called upon the Government to take action to clamp down on the dramatic rise in online investment scams over the past year by including these and other financial harms within the scope of the forthcoming Online Safety Bill.
In a letter to Prime Minister Boris Johnson and Minister for Digital and Culture Oliver Dowden, Quilter CEO Paul Feeney warned that the proposed solution to the problem, the Online Advertising Programme, will not "provide the robust consumer protections required". It follows similar calls from the Financial Conduct Authority (FCA), which in September urged the Government to include fraud in Online Harms legislation. Instances of investor-related fraud activity often linked to "cloning" the websites and marketing material of legitimate financial services businesses skyrocketed in 2020,...
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