The passage of the Online Safety Act in 2023 brought the digital remits of Ofcom and the FCA closer together, as the regulators have a shared ambition to tackle online fraud and scams. The two regulators have been working towards greater regulatory coherence under the DRCF’s Illegal Online Financial Promotions workstream.
Joint work has already benefited Ofcom’s November 2023 Illegal Harms Consultation, with the duties on regulated service providers set to become enforceable around March 2025. The regulators will continue to work together in their roles to address the problem of online fraud and scams, which costs the UK over £1bn in financial losses alone annually and causes further harm to victims and society more widely.
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