The Online Safety Act has received Royal Assent in the Houses of Parliament.
ABI Director General Hannah Gurga said:
“We are delighted that the Online Safety Act has become law. As keen supporters of the Act we have worked with a coalition of consumer groups, charities and financial services bodies and the Government to make sure it protects people against online scams that arise through user-generated content and paid-for fraudulent advertising. This vital Act will significantly improve protections for insurance and long-term savings customers against the grave financial loss and emotional harm that arises from online scams. The Act will not be a quick fix for online scams so we will continue to work with the government and the Joint Fraud Taskforce to ensure that the tech sector takes voluntary action to prevent illegal content appearing on their platforms.”