07/02/2021 at 8:50 AM CEST
Google is cracking down on advertisements for financial scams in the UK according to the BBC. As of August 30, any business that advertises financial services in the search engine must be authorized by the Financial Conduct Authority. Last year, the FCA issued 1,200 warnings to consumers of scams advertised by bogus companies through social media platforms.
Google’s latest move was a “significant step,” he said, but the law may require a permanent solution. Google UK & Ireland Managing Director Ronan Harris stated: “While we understand that this policy update will affect a variety of advertisers in the financial services space, our top priority is keeping users safe on our platforms. “Criminals stole over £ 1.2 billion through fraud and scams in 2020. In March, Bank of England Governor Andrew Bailey urged the government to introduce a legal requirement for Internet companies to remove financial fraud websites.