Thanks Genghis, the government response is vague (to me at least) as it is unclear if the "...pretence of being awarded an official medal" is fraudulent only if it is associated with making, or attempting to make, financial reward.
There must be something unlawful with wearing decorations that one is not entitled to wear otherwise Roger Day could not have been charged and sentenced.
BBC News - Is it illegal to wear medals you weren't awarded?