The United Kingdom's Treasury has produced a consultation paper in preparation for a ban on finance-related cold calls, and it is seeking evidence to assess the full impact on businesses and the impacts connected with enacting and implementing the prohibition.

On May 3, the United Kingdom launched an ambitious fraud plan that would include the creation of 400 new employees in order to modernize its approach to intelligence-led enforcement.

As previously reported by Cointelegraph, the National Crime Agency believes that fraud costs the UK roughly 7 billion pounds ($8.7 billion) every year.

"The government will not tolerate this behavior," said Andrew Griffith, the Treasury's economic secretary, while denouncing the increased cold calls for financial services and products that frequently target society's most vulnerable individuals.

The Treasury identified a number of cases in which cold calls caused investor losses, one of which involved cryptocurrency, as illustrated above.

While the UK government previously imposed several prohibitions and restrictions on cold calling, scammers frequently exploit systemic flaws to circumvent the law.

In order to implement a blanket prohibition on financial cold calls, the Treasury posed 19 questions to stakeholders in order to ensure maximum impact on fraudsters while having the least impact for firms that rely on cold calling prospects. The consultation will end on September 27, 2023.

Sources:

https://cointelegraph.com/news/uk-ban-crypto-investment-cold-calls

https://ambcrypto.com/the-u-k-looks-to-ban-crypto-cold-calls/

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1175770/Coldcalling_consultation-_final_clean.pdf