Extract from Lords debate on the Queen's Speech - May 13
Friday, 14 May 2021 07:16
Baroness Altmann (Con) [V]:...On other matters, I support the aims
of the online safety Bill, which must include proper protection for
consumers against the increasing problems of investment or pension
scams UK Finance reported a 32% increase in 2020, with billions of
pounds being lost. The pandemic has fostered lower interest rates,
higher household savings and a rising use of online platforms. All
this has been a gift to scammers who have increasingly moved
online, with 85% of all fraud...Request free trial
(Con)
[V]:...On other matters, I support the aims of the online
safety Bill, which must include proper protection for consumers
against the increasing problems of investment or pension scams UK Finance reported
a 32% increase in 2020, with billions of pounds being lost. The
pandemic has fostered lower interest rates, higher household
savings and a rising use of online platforms. All this has been a
gift to scammers who have increasingly moved online, with 85% of
all fraud estimated by Action Fraud to be cyber-enabled in the year
to June 2020. I hope the Bill will impose legal duties on internet
giants to verify the legitimacy of the financial products that they
advertise on their sites and to remove fake sites and scam adverts
as soon as they are notified of such harmful content...
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