Passage of the Online Safety Bill
Progression of the Online Safety Bill towards becoming law appears to have stalled. FSCS is concerned about the impact this could have on UK consumers of financial services.
Although FSCS cannot compensate victims of scams directly, as our compensation can only cover customers of authorised firms, it is a subject we are passionate about. The protection against financial scams through the inclusion of fraudulent adverts and content in the Online Safety Bill is something we called for alongside many of our industry and regulatory colleagues, and we welcomed the Government’s decision to do so.
It appears that the progression of the Bill towards becoming law has stalled, with the next stage pushed back until the autumn. FSCS is concerned about the impact this could have on UK consumers of financial services, as the harm caused by scammers mounts every day.
Our CEO, Caroline Rainbird explains:
“Whilst we recognise the current pressures affecting legislation, we cannot emphasise enough the importance of tackling online financial harm as soon as possible. At a time of economic pressure, causing a cost of living crisis, we, collectively, must do all we can to protect the public’s money.
To that end we encourage progress to be made as swiftly as possible to deliver the financial protections that have been outlined as part of the Online Safety Bill. Too long a delay could lead to many more consumers being victims of financial harm and losing money at an already challenging time.”