Financial harm should be included in the Online Safety Bill to ensure it does not become a missed opportunity according to an MP and former Pensions Minister.
Stephen Timms MP discussed plans with the Chairman of the Work and Pensions Select Committee at Pimfa’s annual conference yesterday and wants to table an amendment to include financial harms into the legislation, which the industry also been asking for.
Timms wants to extend the duty of care to inlcude financial matters. However difficult it will be to define 'financial harm', inclusion would require firms to take preventative and protective action.
The City has already been consulted with claims that is their number one priority.
After giving an update on the pension’s freedoms inquiry, which is currently being conducting by the committee, Timms intends to publish his first report by the beginning of April of the inquiry on pension scams.
His second report will look at retirement choices and his third report will be on how pension savings can be increased and what measures might reduce the gender savings gap and shortfall amongst the self-employed.
Reports also suggest that current Pensions Minister Guy Opperman also met with Google executives yesterday to discuss the prevention of investment scams via online search and advertising with Timms saying: “Guy is the last person to give evidence to our committee and recommendations will be in our report in which governments will be able to respond".
We are staggered how easy it is find financial scams online. There are so many financial websites that are not real, authorised financial services businesses and we welcome the Bill and then law.