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

In a move to come heavy on financial fraud on its platform in Britain, global technology giant Google 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 policy, which follows calls from the Financial Conduct Authority 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.

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Financial Conduct Authority (FCA), Chief Executive Nikhil Rathi 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.