User-generated financial fraud to be included in Online Safety Bill

The government has confirmed that user-generated online fraud will be included in the upcoming Online Safety Bill.

In a parliamentary statement, Secretary of State for Digital, Culture, Media and Sport, Oliver Dowden, said that the government understood the “devastating effect” online fraud can have on its victims.

The move comes following sustained pressure from the financial services industries to include scams in the bill.

Dowden stated that the major online platforms will need to be clear in what type of content will be acceptable to post of their services, and enforce their terms and conditions “consistently and effectively”.

However, the draft bill does not include, emails, text messages and paid-for advertisements.

Dowden stated: “This change will aim to reduce some specific types of damaging fraudulent activity. In tandem, the Home Office will be working with other departments, law enforcement and the private sector to develop the Fraud Action Plan, including the potential for further legislation if necessary.

“This legislation tackles a number of online harms, but it does so while also protecting core democratic rights - particularly freedom of expression.

“While the internet has revolutionised our ability to connect with one another - enabling us to exchange views with people all over the world - the majority of online speech is now facilitated by a small number of private companies who wield significant influence over what appears online.

“We must make sure they cannot use that influence to suppress free debate, arbitrarily remove content or stifle media freedoms. Therefore this legislation will not prevent adults from accessing or posting legal content.”

Commenting on the statement, Aegon head of pensions, Kate Smith, said: “We’re absolutely delighted that the government has listened to the pension industry’s concerns and included financial scams, including pension and investment scams, in the Online Safety Bill.

“Pension and investment scams have flourished during the pandemic as fraudsters have exploited our increasing reliance on all things digital. While this is great for keeping us connected, there is a dark side which can compromise our financial security.
 
“The Online Safety Bill will now be scrutinised by a joint committee of MPs before it’s introduced into parliament. The importance of this legislation shouldn’t be underestimated as it will protect people from the growing menace of online financial scams and hopefully make the internet a safer place for all.”

    Share Story:

Recent Stories


Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth. Please click here for an edited write-up of the video

ESG & DC – creating the right tools
In the latest of our series of Pensions Age video interviews Francesca Fabrizi, Editor in Chief of Pensions Age is joined by Manuela Sperandeo, Head of Sustainable Indexing EMEA, BlackRock and Mark Guirey, Executive Director, Asset Owner and Consultant Coverage - MSCI to discuss some key trends of ESG investing among UK pension funds today. Please click here for an edited write-up of the video

Savings and finance at retirement
Laura Blows is joined by Claire Felgate, Head of Global Consultant Relations, UK, at BlackRock, to discuss savings and finance at retirement. Please click here for an edited write-up of the video

Global equities and transition investing
Pensions Age editor, Laura Blows speaks to Royal London Asset Management equity investment director, Jonathan Price, about transitioning to sustainable investments within global equities
Cost transparency
Pensions Age editor, Laura Blows, discusses investment cost transparency and savings with Aon’s Neil Smith and Chris Hawksworth. Please click here for an edited write-up of the video

Advertisement Advertisement Advertisement