Google is cracking down on scams across the UK
From the end of next month, any company advertising financial services on GOOGLE must be authorised by the Financial Conduct Authority.
Last year, the FCA issued 1,200 consumer warnings about scams advertised by fake companies through social-media platforms.
Google’s latest move was a “significant step”, but a permanent solution may be required by law.
“Today’s announcement reflects significant progress in delivering a safer experience for users, publishers and advertisers.
Google UK and Ireland managing director Ronan Harris
“While we understand that this policy update will impact a range of advertisers in the financial services space, our utmost priority is to keep users safe on our platforms.”
Here’s what you need to know about the policy update:
- The policy will be updated on August 30, 2021, and enforcement will begin seven days later, on September 6, 2021.
- Advertisers must successfully complete the updated verification process by the time enforcement begins in order to show financial services ads to UK users. This will include showing ads to UK users who appear to be seeking financial services.
- As part of the verification process, advertisers must demonstrate that they are authorised by the UK Financial Conduct Authority or qualify for one of the limited exemptions described in the UK Financial Services verification page.
- This requirement covers financial services products both regulated by and not regulated by the UK Financial Conduct Authority.
Google also said it was joining campaign group Stop Scams UK, the first major technology company to do so.
