UK Treasury Reviewing Complete Ban on Investment Cold Call, Including Cryptocurrencies

UK Treasury Suggests Outright Banning Cold Calling In The Financial Industry

As the UK gears up for a forthcoming ban on cold calls related to finance, the country’s Treasury has released a consultation paper.

The study requests data to evaluate the potential effects and expenses of adopting the restriction. This action follows the UK government’s May 3 unveiling of its fraud strategy, which includes intentions to increase its intelligence-led policing approach by adding 400 new posts. According to the National Crime Agency, fraud costs the UK about £7 billion per year.

In its study, the Treasury cited instances of cold calling-related investment losses, one of which involved cryptocurrencies. Cold calling is already prohibited in the UK, but scammers frequently take advantage of legal loopholes.

The consultation attempts to stem the stream of cold calls for financial services and goods that target vulnerable people. The Treasury’s economic secretary, Andrew Griffith, emphasized the government’s resolve to stop such conduct.

The Treasury suggests outright banning cold calling in the financial industry. The Treasury has posed 19 questions to stakeholders in order to assess the potential impact and reduce unforeseen outcomes. The deadline for comments is Sept. 27, 2023.