Quilter has written to the prime minister calling for more action to be taken over online investment scams.
The wealth manager is urging politicians to enforce a legal responsibility on search engines and social media platforms for the content that appears on their sites, and introduce a duty of care to ensure that users are not exposed to financial harm.
Quilter itself has been impersonated by so-called ‘clone firms’ in the past. Such scams have increased 600 per cent since 2010, a review of the FCA’s warning list by the wealth manager shows, and now account for over a third of all FCA warnings issued.
As the Online Safety Bill works it way through parliament, Quilter says that this provides an opportune time to address the situation.
“Quilter has seen first-hand the ease with which scammers can impersonate regulated financial services firms to promote fraudulent adverts on search engines, and believes the government must heed calls from…