Responding to the recommendations in the report published today by the Joint Committee scrutinising the Draft Online Safety Bill, Chris Cummings, Chief Executive of the Investment Association, said:
“These recommendations are a crucial step forward in our industry’s fight against investment scams. Brand cloning scams have been on the rise since the start of the pandemic, and we, alongside consumer groups and industry bodies have been urging legislators to expand the scope of the Online Safety Bill to include fraudulent online advertising to help address the issue with the urgency it demands.
“We look forward to working closely with policy makers to develop robust protection for consumers as the Bill makes is way through Parliament next year, and the IA and its members will remain vigilant in combatting these scams and protecting investors’ hard-earned savings.”
