PIMFA
28 July 2021
PIMFA welcomes Government moves to improve fraud reporting by replacing Action Fraud – but says action through the Online Safety Bill would be more effective
PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, welcomes proposals from the Government to replace Action Fraud with a new national fraud and cyber-crime reporting system, but cautions that efforts to tackle fraud would be more effective through widening the scope of the Online Safety Bill.
Tim Fassam, Director of Government Relations and Policy at PIMFA commented:Â “While the decision to overhaul Action Fraud and replace it with a new national fraud and cyber-crime reporting system is welcome, PIMFA, along with many other industry bodies, consumer groups and charities has been calling for the Government to tackle the issue of fraud, the majority of which is now being committed online, more seriously for a number of years.
“We have argued that the most effective way to do this is through the Online Safety Bill. Fraud is the most prolific crime in Britain today, yet efforts to combat it have been woefully under resourced for many years.
“It is very welcome that the Government is proposing overhauling the way in which fraud is reported and suggesting that it will put additional resource into investigating fraud. But while this has been long overdue, we know from the National Crime Agency itself, that the majority of victims of fraud do not report it despite the devastating impact it has on both their financial and mental wellbeing.
“Moreover, the Government would not necessarily need to commit such resources to combatting fraud if it took steps to ensure that online search engines and social media websites took greater responsibility for the content they publish.
“By doing so, PIMFA – in coalition with Which? UK Finance, The Money and Mental Health Policy Institute, and many others –Â have argued that it would prevent organised criminal groups from defrauding thousands of innocent people every year.”
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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)7979 493225
