How misinformation is harming consumers – new report

A new report from the Credit Services Association, the UK trade association for debt collection and purchase, is calling on the Government and Information Commissioner to turn the tables on online ‘finfluencers’ who give false advice to unsuspecting consumers, including those already facing significant problem debt. The new report has found that one of the biggest issues facing these consumers is searching online for trustworthy help and understanding what steps to take to resolve their situation.

The report – Misinformation: Addressing and preventing consumer harm – recommends Ministers strengthen existing Online Safety Act protections against inaccurate and potentially financially harmful online advice, and calls for a unified, cross sector response involving regulators, government bodies and consumer organisations to agree on interventions that would support consumers in debt to get accurate information and guidance online.

Daniel Spenceley, Head of Policy at CSA, writes, “It is frequently the most vulnerable who face the consequences of trusting in misinformation and we need to act now to empower the authorities to take action to tackle it. If stakeholders and policymakers act on the recommendations we are making, we believe this will help reduce harm and minimise opportunities for bad actors to exploit misinformation.”

In addition to strengthening accountability for the spread of misinformation and calling for cross-sector collaboration, the paper also recommends;

• A more proportionate approach to the right of access

• Better regulatory guidance from the ICO

• Simpler and less costly court processes for dismissing baseless claims

To view the full report, click here.