PIMFA
9 March 2022
PIMFA delighted by Government announcement that it will include paid-for online adverts within scope of Online Safety Bill to tackle fraud
PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, is delighted by the Government’s decision to bring paid-for online adverts within the scope of the Online Safety Bill after a year-long campaign alongside Which? UK Finance, The Money and Mental Health Policy Institute and many many others.
Bringing such adverts within scope of the Online Safety Bill could wipe out online fraud and the practice of cloned website. We will of course examine the detail within the Bill but this is a step in the right direction to protect consumers from fraud.
Liz Field, Chief Executive of PIMFA, comments: “When the Government first published its White Paper on the Online Safety Bill many who work in financial services, consumer groups and charities were dismayed to discover that financial harm was not among the harms the new Bill would deal with.
“As a result, PIMFA, UK Finance, Which? The Money and Mental Health Policy Institute and many other organisations formed a campaign group to lobby the Government to include fraudulent online adverts and user-generated content, which cause untold financial and mental distress to thousands upon thousands of victims each year, within the scope of the Online Safety Bill.
“In May, the Government conceded our point about user-generated content and included such content within the scope of the Online Safety Bill. Today, it has once again accepted our argument, and that of the Financial Conduct Authority, Financial Services Compensation Scheme, Bank of England, and the Treasury Select Committee among a host of MPs and others, that paid-for online adverts be included within the scope of the Bill.
“Of course, we will wait to see the detail in the Bill. But we are delighted to see the Government has seen sense and is willing to act to save thousands of people from the threat of fraud, which is after all, the widest reported crime in the UK today.”
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NOTES TO EDITORS
About PIMFA – the Personal Investment Management & Financial Advice Association
- PIMFA is the trade association for firms that provide investment management, investment services and advice to everyone from individuals and families to charities, pension funds, trusts and companies.
- The sector currently looks after £1.65 trillion in private savings and investments and employs over 63,000 people.
- PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families to charities and pension funds, all the way to trusts and companies. Associate members provide professional services to the PIMFA community.
- PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
- PIMFA has made numerous recommendations to the FCA regarding the Future of Advice, the Future of Supervision, & the FSCS levy – read more.
- PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
- Further information can be found at pimfa.co.uk
Contact
For further information on this release or other press matters please contact:
Matthew West, PIMFA PR Manager – MatthewW@pimfa.co.uk, +44 (0)20 7382 0376
Sheena Gillett, PIMFA Communications & PR Director – sheenag@pimfa.co.uk, +44 (0)20 7011 9869 / +44 (0)7979 493225
