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HomeNewsPolicyGoogle to implement new policy to plug online financial scams in UK from Sept 6

Google to implement new policy to plug online financial scams in UK from Sept 6

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Google  in a blog post confirmed that the platform will  begin enforcing the new policy, which follows calls from the FCA for the US tech giant to vet paid promotions

Google News

In a move to come heavy on financial fraud on its platform in Britain, global technology giant on Wednesday announced that all financial services on its platform will be required to be verified by the regulator before being allowed to advertise.

Google's announcement comes in a blog post, which confirmed that the platform will begin enforcing the new , which follows calls from the for the US tech giant to vet paid promotions, from September 6.

Earlier the Britain watchdog issued 1,200 consumer warnings about scams advertised via social media platforms by fake companies, double the amount in 2019.

Financial Conduct Authority (FCA), Chief Executive said last year Google should make checks with regulators to see whether potential advertisers had already been shut down in some other guise before promotions are posted online.

FCA is the financial regulatory body in the United Kingdom. The 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, according to a March report.

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Tech Observer Desk
Tech Observer Desk
Tech Observer Desk at TechObserver.in is a team of technology reporters led by a senior editor who brings latest updates and developments from the world of technology.
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