Rocio Concha, Director of Policy and Advocacy at Which?, said:
“It’s good to see the FCA taking a more proactive approach to tackling fraudulent adverts, although our research has found that investors’ confidence in using the warning list is low and many have never heard of it. Crucially, action from the regulator does not tackle the bigger problem of online platforms failing to do enough to stop adverts that lead to scams from appearing in the first place.
“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.”
- Only 37 per cent of respondents were confident using the FCA warning list, according to a December 2020 survey of 626 adults who have invested in the past two years. Worryingly, 29% had never heard of it.