PIMFA joins Which? and others in call to tackle growing threat from online scams

23 March 2021

PIMFA joins Which? and others in call to tackle growing threat from online scams

PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, consumer rights group Which?, UK Finance, the Financial Services Compensation Scheme (FSCS) and the Chair of the Work and Pensions Select Committee the Rt. Hon. Stephen Timms MP, alongside MoneySavingExpert Martin Lewis and the Money and Mental Health Institute have all called for online scams to be included in the Government’s forthcoming Online Safety Bill.

Responding to the Which? research published today (23 March 2021), Liz Field, Chief Executive of PIMFA, commented:

“Our members have been reporting a growing number of highly sophisticated online scams, many of which involve website cloning. Clone website scams are often so convincing they would fool almost anyone. That makes all of us potential victims.  We also know these scams are being perpetrated by organised criminals who use the money they steal from victims to fund their other activities, So, it is vital that we put in place a legal framework to prevent these criminals from exploiting vulnerability and defrauding people of their life savings, which has a devastating impact on the financial and mental wellbeing victims.

“Most online scams could be prevented and there is a real opportunity to do just that by improving consumer protections through the Government’s Online Safety Bill. Which? are right that we also need the support of Domain Name Registration service providers, online search engines and social media platforms to combat the growing threat from online scams and ensure that people feel safe online in an increasingly digital age.

“This is the reason that trade associations like PIMFA and UK Finance, consumer groups such as Which?, charities such as the Carnegie Trust UK and Money and Mental Health Policy Institute as well many MPs, have united to call for financial harm to be included within the scope of the Online Safety Bill.

“Doing so would save thousands of potential victims suffering enormous distress and would be one of the best ways to disrupt organised crime.”

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Notes for 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