Financial Services: Internet

(asked on 21st November 2023) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps his Department is taking to tackle misleading and fraudulent financial advice and services available on the internet.


Answered by
Bim Afolami Portrait
Bim Afolami
Economic Secretary (HM Treasury)
This question was answered on 27th November 2023

The Government has taken action to address fraudulent activity being hosted online through the Online Safety Act 2023, which includes a new standalone duty requiring large internet firms to remove fraudulent content on their platforms.

In addition, the financial promotions regime seeks to ensure that consumers are provided with clear and accurate information that enables them to make appropriate decisions for their individual circumstances. Under this regime, financial promotions communicated by a firm not authorised by the Financial Conduct Authority (FCA) must be approved by an FCA-authorised firm, unless the promotion is otherwise subject to an exemption. The Government has worked with the FCA to introduce a financial promotions gateway which gives the regulator greater oversight of the approval of financial promotions and reduces the number of authorised firms able to undertake such approvals.

The provision of financial advice is an FCA regulated activity. HM Treasury works closely with the FCA to ensure that this market works fairly for both firms and consumers, and that the advice being provided is of high quality.

The Government has also established the Money and Pensions Service to provide free, impartial money and pensions guidance directly to consumers online and by telephone.

Reticulating Splines