You are here: Home - Household Bills - News -

Scam ads ‘to be removed within 24 hours’

Written by:
The Financial Conduct Authority (FCA), the main financial regulator, has pledged to take swift action on any fraudulent scams it discovers, ensuring that they are removed within a day.

Giving a speech on the rise in scams, Mark Steward, executive director of enforcement and market oversight at the FCA, said that the regulator had “ratcheted up” its approach to online scams, with the aim of capturing suspicious advertising within 24 hours of it first appearing.

He added: “We have also accelerated our assessment and processing of the daily haul and we have moved from responses within days to being able to issue warnings on the same day, 24 hours after, which is now happening in most cases.”

Steward also pointed to the regulator’s ‘warning list’, a section on its website which highlights firms which the FCA believes represent a threat to our financial wellbeing. 

He argued that it should work as an “essential component” in combating online scams, adding: “We need a force field against unauthorised businesses marketing bogus investment activity. And those regulated firms who let down their guard, especially in assisting firms on our warning list, may well face action from us for doing so as well.”

Bigger problems in tackling scams

Rocio Concha, director of policy and advocacy at Which?, said it was welcome that the regulator was taking a more proactive approach to tackling fraudulent adverts, but cautioned that its research had found few people have even heard of the FCA’s warning list, with little confidence in it among those that have.

She added that this approach from the regulator also doesn’t address the issue of online platforms failing to put enough barriers up to prevent the scams ever appearing in the first place.

She continued: “The government has now recognised that the major online platforms we interact with every day have a responsibility to protect their users from scams. The Online Safety Bill must give them a legal responsibility to prevent, identify and remove fake and fraudulent content on their sites – including the vast number of adverts and websites posted by fraudsters.”

The government has previously been criticised for its plans for the bill, as while it has the stated aim of keeping people safe online, it does not include online scams

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week