UK legislation aims to prevent scam investment schemes

The government has now published draft format legislation for its new Online Safety Bill.

Developed with the aim of clamping down on investment scams online, the legislation makes social media platforms responsible for preventing criminal scams being posted and appearing to their users.

The Online Safety Bill’s role is designed to help prevent fraudulent activity that involves social media users being manipulated into parting with their money.

Additionally, the new bill will make tech companies accountable for harm that is user generated on social media sites. This will include illegal content and verbal abuse, and senior managers will have a legal obligation to prevent such activity or be faced with criminal charges.

Secretary of State for the Home Department, Priti Patel, commented:

“Ruthless criminals who defraud millions of people and sick individuals who exploit the most vulnerable in our society cannot be allowed to operate unimpeded, and we are unapologetic in going after them.”

She added that the time had come for tech firms to be held accountable and protect people here in the UK from harm, else face the legal consequences.

UK consumers who are unsure of the authenticity of opportunities for financial gain can receive professional investment advice in Chester, Manchester, and other UK cities from certified wealth managers to avoid becoming the victims of online scams.

The draft legislation that has been released will now be examined by a committee made up of MPs, before its final incarnation is introduced formally to parliament.

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