July 27, 2021
Business

MPs blast scam money ads being left out of Online Safety Bill

MPs have slammed the Government for defying widespread calls to crack down on scam financial ads in its forthcoming Online Safety Bill.

They said the present law was ‘toothless’, and allowed ‘scammers to advertise with impunity while tech giants line their pockets from the proceeds of crime’.

The Government has rejected demands from influential backbench MPs to cover paid-for ads, such as those on search engines like Google, in its new legislation – despite backing for this also coming from regulators, top financial firms and consumer group Which?.

Online menace: Government is facing widespread calls to crack down on scam financial ads

User-generated internet content will be included in the bill, however. 

Meanwhile the Government told MPs it is looking into how advertising can enable online fraud and will hold a consultation later this year.

The Financial Conduct Authority,…

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