The government has rejected MPs’ recommendations that financial harms and scams be included in its Online Safety Bill, despite the plans receiving support from the FCA.
Announced last December by the Department for Digital, Culture, Media and Sport (DCMS), the bill is designed to tackle online racism, child abuse and romance fraud.
Despite calls to include online scams and financial harms stemming from paid advertisements on platforms such as Google and Facebook, the government announced that only aspects of online fraud will be included in its online safety bill.
This means that online tech companies within UK financial regulation will only need to take action to tackle fraud when it is facilitated through user-generated content.
In its response to a Work and Pensions Committee report on pension scams published yesterday (6 July), the government has again resisted calls to include fraud facilitated through paid-for…