SOCIAL media giants such as Meta must stop dragging their feet and tackle online fraud, the UK’s financial watchdog says.
Financial Conduct Authority boss Nikhil Rathi criticised tech firms for being too slow to remove harmful content.
FCA boss Nikhil Rathi has hit out at tech giants for being too slow when removing harmful online content[/caption]
Social media giants such as META have been told to stop dragging their feet and tackle online fraud[/caption]
Speaking to MPs, he urged companies to “get on and do it” without waiting for further guidance.
There is concern people are being fleeced by dodgy investments promoted by so-called “finfluencers”.
Last May, the watchdog charged nine suspects, including ex-Love Island and former The Only Way Is Essex stars, over a dubious online trading scheme promoted on social media. If convicted, they could face up to two years’ jail. The trial is set for 2027.
Consumer group Which? has also exposed a surge of misleading health adverts on Meta-owned Facebook and Instagram.
These include false medical claims, fake endorsements and products that never arrive.
One targeted diabetics with a fraudulent glucose monitor. Another promoted bee venom cream with bogus claims of medical approval.
Mr Rathi said the FCA needs social media firms to cooperate to remove harmful content. Some are, but others are slow to act.
The Online Safety Act should force platforms to remove illegal content.
But Which? warned it could take until 2027 to fully implement.
NATWEST SHUTS 55 MORE
NatWest will shut 55 more branches in the coming months, on top of 53 closures already announced for this year[/caption]
NATWEST is closing 55 more branches in the coming months, adding to 53 closures already planned this year.
The move follows a shift towards online banking by customers.
Since 2015, NatWest Group has shut more than 1,400 branches across the UK.
NatWest said more than 80 per cent of current account holders now use digital banking.
It plans to invest £20million to upgrade surviving branches and improve customer service.
Pop-up services will support communities during “branch transitions”.
RENTALS COOL
RENT rises have slowed to the lowest rate since the market was dealing with the impacts of the pandemic, figures show.
Average rents for new leases in April increased by 2.8 per cent year-on-year, from the 6.4 per cent recorded in 2024.
Average monthly rent is £1,287. Richard Donnell at property site ZOOPLA said: “The average annual cost of renting is still over £2,500 higher than three years ago.”
WATER BLOCK
MILLIONS of households are being blocked from bill support due to a loophole in the WaterSure scheme.
It helps the disabled and benefits claimants using lots of water, but requires a meter which many homes cannot install.
Scope’s Abdi Mohamed urged change, saying: “Consumers cannot choose their supplier, and more needs to be done to ensure consistency and fairness.”
