The U.K. Treasury is looking into the effects of stopping cold calls about money matters. They’ve put out a paper to learn how this would affect regular people and businesses.
The U.K. wants to stop cold calls about finances, so the Treasury is asking for feedback. They want to understand how this would impact businesses and the costs of making and enforcing the ban.
Back on May 3, the U.K. government announced a big plan to fight fraud. They’re adding 400 new jobs to change how they do policing based on intelligence.
Andrew Griffith, who works for the Treasury, said they won’t allow this kind of behavior. He was talking about the rise in cold calls that try to sell financial services and products. These calls often target people who are in a tough spot.
The Treasury’s case study on crypto cold call scam. Source: gov.uk
The Treasury talked about times when cold calls led to people losing money. One case was about cryptocurrencies, as you can see above. Even though the U.K. government made rules to stop cold calling, scammers usually find ways around these rules.
The Treasury intends to impose a blanket ban on finance cold calls. Source: gov.uk
The Treasury wants to stop all cold calls about money matters. They asked 19 questions to people who have a say to make sure this hurts scammers but doesn’t hurt businesses that need to cold call. People can share their thoughts until September 27, 2023.
The U.K. government recently said no to considering cryptocurrencies as gambling, even though some people asked them to.
The Treasury and the Financial Conduct Authority (FCA) will help crypto companies understand what they need to do to get approved by the Financial Services and Markets Act (FSMA) rules. They will share more details later.
The government said this approach might go against what other countries and groups agreed on.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
Author
