UK Treasury Consults on Ban of Finance-Related Cold Calls in Effort to Combat Scams and Protect Vulnerable Individuals
Summary:
UK Treasury launches consultation on ban on finance-related cold calls. As part of the government's fraud strategy, the aim is to tackle scams targeting vulnerable individuals. Stakeholders have until September 27, 2023, to provide feedback. In related news, the UK government rejects appeal to regulate cryptocurrencies as gambling.
The UK Treasury has launched a consultation and call for evidence as part of its preparations for a ban on finance-related cold calls. The aim is to understand the impact on businesses and the costs associated with implementing the ban. On May 3, the UK government announced an ambitious fraud strategy that includes adding 400 new jobs to enhance intelligence-led policing. According to the National Crime Agency, fraud costs the UK around £7 billion ($8.7 billion) per year. Andrew Griffith, the Economic Secretary to the Treasury, emphasized that the government will not tolerate this behavior, especially as cold calls often target the most vulnerable individuals in society. The Treasury highlighted several cases where investors lost money due to cold calls, including one involving cryptocurrencies. Despite previous restrictions, scammers continue to exploit loopholes, prompting the Treasury's intention to impose a complete ban on financial cold calls. The consultation period, which includes 19 questions for stakeholders, will close on September 27, 2023. In related news, the UK government has rejected the appeal to regulate cryptocurrencies as gambling. Instead, HM Treasury and the Financial Conduct Authority will collaborate with the industry to ensure crypto firms are aware of the required standards for approval. The government believes that taking a different approach would contradict globally agreed recommendations from international organizations and standard-setting bodies.
Published At
8/24/2023 8:24:45 AM
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