Google Plans to Clamp Down on Online Financial Scams on Its Platform in Britain

Google has said that all financial services in the UK will need to be verified by the regulator before they can advertise.

Google Plans to Clamp Down on Online Financial Scams on Its Platform in Britain

The regulator will assess the outcome of Google's decision once the changes take effect

Highlights
  • Google will begin enforcing the new policy from September 6
  • Bank of England Governor Andrew Bailey has been lobbying the government
  • Britain's financial watchdog issued 1,200 consumer warnings last year
Advertisement

Google will clamp down on financial fraud on its platform in Britain, saying on Wednesday that all financial services will need to be verified by the regulator before they can advertise.

Britain's financial watchdog issued 1,200 consumer warnings last year about scams advertised via social media platforms by fake companies, double the number in 2019.

Google, which is part of US tech giant Alphabet, said in a blog post it will begin enforcing the new policy, which follows calls from the Financial Conduct Authority (FCA) to vet paid promotions, from September 6.

"While this is an important step from Google we think a permanent and consistent solution requires legislation," an FCA spokesperson said in emailed statement.

The regulator will assess the outcome of Google's decision once the changes take effect, the spokesperson added.

Bank of England Governor Andrew Bailey has been lobbying the government to introduce a legal requirement for Internet giants to take down financial fraud websites, the Sunday Times reported in March.

© Thomson Reuters 2021


We discuss the return of PUBG Mobile, sorry, Battlegrounds Mobile India on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Google, Alphabet
TCL C825, TCL C728, TCL C725 4K QLED Smart TVs Launched in India, Price Starts at Rs. 64,990
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »