The FCA has published its latest Perimeter Report, in which it calls for greater consumer protection and legislative change to address concerns beyond its remit. Highlights include recommendations that:
- duties on internet companies in the Online Safety Bill should extend to paid-for advertising, as well as user-generated content. The report also says that the Bill should designate content relating to fraud offences as ‘priority’ illegal content and so require monitoring and preventative action by platforms;
- the FPO should be amended to address current exemptions to the order which mean that more ordinary investors are at risk of receiving financial promotions that don’t have to comply with FCA rules; and
- the SMCR should be extended to payment and e-money firms.