PIMFA welcomes publication of Online Safety Bill but urges Government to do more to tackle clone investment fraud and fake online adverts

12 May 2021

PIMFA welcomes publication of Online Safety Bill but urges Government to do more to tackle clone investment fraud and fake online adverts

PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, welcomes the publication of the Online Safety Bill but calls on the Government to include all financial harms within the scope of the Bill.

Tim Fassam, Director of Government Relations and Policy at PIMFA comments: “The publication of the Online Safety Bill in its current form is a great step forward in the battle to stop organised criminals defrauding the public.

“But while the Bill attempts to tackle fraud via user generated content on social media sites and dating apps, paid for online adverts from fraudsters and cloned – and therefore fake – investment firm websites appear conspicuous by their absence from it.

“We are, however, encouraged that the Bill will face pre-legislative scrutiny before being formally introduced to the House of Commons and look forward to working with Ministers and MPs in order to ensure that all financial harms, which have a devastating impact on the financial and mental wellbeing of victims, are included in the Bill.

“As we, and our partners, have said from the beginning of this campaign, social media websites, search engines and domain name registration services all need to take responsibility for preventing online fraudsters from operating on their platforms.”

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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