Member Article

Cyber crime and scams – call for action

Combatting and protecting the public from cyber crime, identity theft and scams must remain a top priority for the financial services industry, says national IFA, LEBC Group (LEBC).

Kay Ingram, LEBC’s Director of Public Policy said, “To help protect the public against this criminal activity we are calling for all political parties to adopt three simple policies in the run up to next month’s General Election.”

To ban cold calling in connection with transfers of pension assets and other investments. To empower providers to delay making transfers of assets where they have concerns that the request for funds may not be legitimate. To retain the current £30,000 limit, above which advice from a regulated financial adviser must be sought, before a transfer of pension assets can take place.

Ingram added, “Digital and telephone based communications have helped consumers speed up financial transactions. Sadly, criminals have exploited this and the UK has seen an unprecedented increase in scams, which have resulted in some individuals losing their life savings to fraud.”

This was posted in Bdaily's Members' News section by LEBC Group Ltd .