UK to ban cold calls selling financial products

The UK is to ban cold calls offering financial products as part of a crackdown on scams.

Fraudulent insurance products and fake cryptocurrency schemes will be among the scams targeted, the Home Office said.

There will also be a new fraud squad set up with 400 investigators to target fraudsters.

Fraud is now the most common crime in the UK, with one in 15 people falling victim.

Last summer, 41 million people were targeted by suspicious calls and texts.

Fraud costs the UK nearly £7bn per year, and nearly 90% of internet users have encountered online scams.

Prime Minister Rishi Sunak said that the new rules will tackle "cold-hearted" scammers who "ruin lives in seconds."

But the Labour Party said the measures were "too little, too late".

Consumer group Which? welcomed the strategy but also criticised the government for not acting sooner.

"The fight against fraud has progressed far too slowly in recent years and in particular more action is needed to guarantee that big tech platforms take serious action against fraud," it said.

The plan to tackle fraud also includes measures to stop phone number "spoofing".