Google says it will clamp down on financial frauds on its platform in Britain by requiring all financial services to be verified by regulators first before they can advertise.
This comes as a response to increased number of financial scams reported by Britain’s financial watchdog, where fake companies advertised via social media platforms.
Google has announced that it will begin enforcing the new policy from 6 September 2021, in line with the Financial Conduct Authority (FCA) to vet paid promotions.
“While this is an important step from Google we think a permanent and consistent solution requires legislation,” and FCA spokesperson said in emailed statement.
The spokesperson further added that the regulator will assess the outcome of Google’s decision once the changes take effect.
Bank of England Governor, Andrew Bailey has also been lobbying the government to introduce a legal requirement for internet giants to take down financial fraud websites.