Next UK government should introduce scams legislation, says City lobby groups

Next UK government should introduce scams legislation, says City lobby groups

Groups want big tech social media firms to pay up to £40m a year to reimburse customers after years of shouldering cost of fraud

A leading City lobby group is calling on the next government to bring in scams legislation that forces big tech and social media companies to cough up to £40m a year to reimburse customers and fight fraud on their platforms.

The demand came in a ‘financial services manifesto’ released by UK Finance, which represents banks, payments companies and other financial firms.

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