Commenting on the announcement in the Queen’s Speech of plans to
introduce legislation to improve internet safety, Chair
of the Work and Pensions Committee, MP, said:
“Every day that goes by without proper regulation of online
adverts gives scammers a free pass to prey on people on the
internet. The Government has repeatedly been told by countless
consumer groups and public bodies of the huge financial and
emotional harm caused by this online free-for-all, but has so far
failed to act.
Ministers must now work to ensure that the promised Online
Safety Bill lives up to its name and be clear that the
legislation will cover scams. Only by holding internet giants
truly responsible for the content which they promote will savers
start to receive the protection they desperately need from
scammers and fraudsters.”
In a report on pension scams
published in March, the Committee called on the Government to
legislate against online investment fraud.
The report recommended that, in order to create parity between
traditional media, such as TV and newspapers, and new media,
including search engines and social networks, paid-for
advertising on online platforms should be covered by the
regulatory framework for financial promotions. This would require
online publishers to ensure that any financial promotion which
they communicate has been approved by an authorised person or is
exempted from the financial promotions regime.
Following a consultation last
year, the Government pledged in December to introduce an
Online Safety Bill.
