The UK government is studying how a ban on cold calls for financial services might affect businesses and private companies.
The UK government wants to hear from people about how a new policy might affect them. This is part of their effort to protect people from scams in the financial industry.
The consultant’s report focuses on 19 questions about cold calls and asks for proof and a review of current laws. Many analysts approve of the move to reduce virtual asset scams, but it might be hard for some companies.
“Without a complete ban on cold calling, scammers can just switch to different financial products to avoid the law and use loopholes to scam people. ” The government wants to stop companies from making unsolicited phone calls to sell financial services and products.
The authorities said that there are several ways for bad people to take advantage of the loopholes, especially with digital money.
The article talked about a person who put in £250 after getting a call about crypto and being promised rewards. After a few times, the person who called gives the money back but in the end, the person who invested loses £65,000.
The meeting starts this month and is scheduled to finish on September 27th. Cold calling means when businesses or people try to sell financial services to customers without being asked to do so first.
Another part of the UK’s plan to stop theft.
In the last few months, the UK government has revealed its plans to stop any kind of money fraud from happening in the country. The NCA says that fraud costs the UK £7 billion every year.
“The government doesn’t like this behavior,” Andrew Griffith said while he talked about how cold calls can hurt the economy.
“We want everyone to know that any unexpected phone calls offering financial products like cryptocurrency or insurance are scams. Don’t let con artists fool you. ”
The people who make the laws in the country are concerned about the possibility of dishonest people in the crypto industry after what happened with FTX.
The government asked for 400 new jobs to help prevent crime using smart tactics. The country also wants to support blockchain to make a completely new economy with many different uses.
The government thinks it’s important to have rules for digital money, but it doesn’t want to treat it like gambling.
“The HM Treasury and the FCA will help crypto companies understand the rules they need to follow to get approved for the FSMA gateway. ” We will provide more information later to make sure that crypto companies in the UK have the right approvals.