Curb online financial scam in UK: Google will begin enforcing a new policy that follows calls from the Financial Services Authority for the U.S. tech giant to vet paid advertising…
Google, owned by Alphabet Inc, announced measures Wednesday to combat financial fraud on its U.K. platform, saying it would require all financial services to be inspected by a regulator before they would be allowed to advertise.
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Google said in a blog post that it would begin enforcing the new policy, which followed calls from the Financial Conduct Authority for the U.S. tech giant to check paid advertising offers, on Sept. 6.
The FCA did not immediately respond to a request for comment.
Last year, the Authority issued 1,200 warnings to consumers about fraud advertised through social media by fake companies, double the number it issued in 2019.
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Last year, FCA head Nikhil Rathi said Google should conduct checks with regulators to see if potential advertisers were already shut out under some other guise before placing advertising offers online.
Bank of England Governor Andrew Bailey is also lobbying the government to impose a legal requirement on Internet giants to remove financial fraud websites, according to a March report in the Sunday Times.