Martyn Day MP, SNP, Linlithgow and East Falkirk
“White-collar crime is a significant financial loss. However, looking at just the financial losses caused by scammers does not relay the material and psychological impact that scamming has on its victims. These people have been robbed of financial security, and sometimes this happens due to regulatory failure, as evidenced by the independent reports written by Dame Gloster and Raj Parker, about the LCF and Connaught respectively.
I have decided to take part in the All-Party Parliamentary Group (APPG) on Personal Banking and Fairer Financial Services because I support efforts to protect people, and the goods and services they use. This is particularly true during these uncertain and worrying times of Brexit and the Covid-19 pandemic. Organised crime does not respect borders and it is essential that we can access the information systems, support and technical expertise that is available through Europol. A joined-up approach across sectors and nations is key in increasing protection for all kinds of investors across the UK.
I hope the APPG can be a force in giving victims of scams confidence that they will receive the right support and advice through the criminal justice process; reimburse them if they fall victim; make potential victims less likely to fall for cunning approaches by fraudsters given the financial pressures Covid-19 has introduced; increase efforts to raise awareness to help prevent scamming in the first place; and ensure our financial system functions safely outside the EU, with a strong and effective financial regulatory framework that achieves its objective of providing appropriate consumer protection.”