U.S. tech giant Google, bowing to pressure from British police and regulators, said on Tuesday that all financial services advertising on the platform would have to register with the Financial Conduct Authority, the City’s watchdog.
- The new requirements will take effect on Sep. 6, the company said.
said that ads for debt services, gambling, crypto-assets or credit repair would not be considered financial services under the new policy.
- FCA chairman Charles Randell said last year that it was “absurd” for the watchdog to pay Google for ads warning consumers about certain investments while the company was earning “millions” from inappropriate promotions.
- The watchdog issued 1,500 warnings last year about fraudulent financial ads on Google and other platforms, twice more than in 2019.
The outlook: The FCA welcomed Google’s decision as a “positive move” but is calling for “a permanent and consistent solution” in the form of legislation, and asks that the fight against financial scams be included in the U.K.’s Online Safety Bill currently under discussion.