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However, finance experts said its focus on user-generated content, such as social media posts involving romance scams or fake investment opportunities, left a loophole for criminals. Debbie Barton, a financial crime prevention expert at the investment firm Quilter, said the bill would have a big impact on protecting investors, particularly young people, from financial harm but there was much further to go. “The government should now consider including fraud facilitated through advertising, emails or cloned websites,” she said. “With each day that passes, around £214,000 is l...

Post-meeting update At today’s Cash Summit we were delighted to hear Economic Secretary to the Treasury John Glen confirm that a consultation on cash legislation will be launched in the Summer. This is an extremely positive development towards getting these critical long term protections introduced. The government must deliver at pace on it’s promises, or risk leaving the cash system vulnerable to further damage.  We also heard about UK Finance’s commitment to protecting access to cash, and the launch of its new Cash Action Group, which will be led by Access to Cash Review Chair, Nata...

And it comes as new figures reveal that 96 per cent of investment scams now originate online. Rathi (pictured) stressed that dealing with scams posted by social media users ‘only captures part of the issue’ and that the Government needs to address digital ads as well. He told MPs on the Treasury Committee: ‘Online advertising, which is where the fees are generated by the platforms, needs to be looked at very closely as well. ‘It is the adverts that are persuading some of these vulnerable customers to go after high-risk investments and, indeed, scams. ‘People are looking for returns ...

Postings welcomes the certainty that the stamp duty holiday brings. He added: “We welcome the certainty an extension to the stamp duty holiday and a phased approach to its ending brings for buyers and sellers. “This will help prevent a cliff edge, reduce the risk of house sales collapsing and will prove beneficial for all parties involved in the housing market.” Regarding the Mortgage Guarantee Scheme, Postings said that the banking and finance industry “supports innovation in the mortgage market”, particularly measures which enable borrowers “to realise their dream of home owners...