PIMFA delighted the Online Safety Bill has passed its final reading 

20 September 2023

PIMFA delighted the Online Safety Bill has passed its final reading 

PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, is delighted the Online Safety Bill has passed its final reading in the House of Lords and will now receive Royal Assent. 

David Ostojitsch, Director of Government Relations and Policy at PIMFA, commented: “We are delighted that the Online Safety Bill has passed its final reading in the House of Lords. The legislation establishes a ‘Duty of Care’ on social media websites and search engines, making them more responsible for the content they publish for the first time.

 

“PIMFA is pleased to have been part of a campaign group that included consumer groups like Which? and the Money and Mental Health Policy Institute, trade associations such as UK Finance, the Association of British Insurers and the Investment Association and other stakeholders including the City of London Corporation, City of London Police and the Carnegie Institute UK.

 

“That such organisations came together to campaign for fraud to be included as a priority harm within the Bill is a measure of how passionate we all are about the need to protect the public from such a menace. Fraud is the most widely reported crime in the UK, and most of it now occurs online.

 

“But PIMFA will continue campaigning to ensure the public is properly protected from fraud. Ofcom must be appropriately resourced to regulate the whole of social media, and it will need help. To ensure that the law is enforced and fraud eradicated in this country, PIMFA has repeatedly called for the Financial Conduct Authority (FCA) to have a role in helping Ofcom manage its new position. We will continue to campaign for the FCA to have such a role and hope that, in time, it will help stop fraudsters from gaining access to potential victims.” 

 

Notes for Editors

About PIMFA – the Personal Investment Management & Financial Advice Association

• PIMFA has been named one of the best places to work in the UK. Find our more here.
• PIMFA is the trade association for firms that provide wealth management, investment services and the investment and financial 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, poviding responsible stewardship for their long-term savings and investments.
• PIMFA has made numerous recommendations to the FCA regarding the Future of Advice, Future of Supervision and 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