City Lobby Groups Advocate for Scams Legislation in UK

Thursday, 30 May 2024, 04:00

In a bid to combat scams, City lobby groups propose that the future UK government enact legislation targeting fraudulent activities. The suggested measures include making big tech and social media companies contribute up to £40m annually to reimburse fraud victims, shifting the burden they have long borne. These proposals aim to create a more secure financial environment for consumers and businesses, fostering trust and accountability in the sector.

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City Lobby Groups' Call for Scams Legislation

In a recent development, city lobby groups are advocating for the introduction of scams legislation by the upcoming UK government. These measures are aimed at enhancing consumer protection and holding technology and social media giants accountable for fraudulent activities.

Proposal for Regulatory Changes

Impactful Measures: Lobby groups suggest that companies like big tech firms should contribute significantly, up to £40m annually, to reimburse fraud victims.These proposals seek to shift the burden of fraud costs and ensure better protection for consumers.

Implementing scams legislation could bring about a positive change in the financial landscape, making it more secure and safeguarding the interests of individuals and businesses.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.