Google promises to crack down on web adverts for sham investment schemes
Firms will no longer be allowed to push financial products in the UK on Google unless they have been authorised by the FCA
Google is to crack down on adverts for sham investment schemes after the problem was highlighted by the Daily Mail.
As part of our Stamp Out Investment Fraud campaign, we exposed how crooks snare victims by pretending to be established firms.
In some cases they advertise on Google without proving who they are, to the alarm of regulators and companies that had their identities ‘cloned’.
But from today, businesses will no longer be allowed to push financial products in the UK on the tech giant’s platform unless they have been authorised by the Financial Conduct Authority.
The voluntary measure stops short enshrining protections for consumers from fraud in the forthcoming Online Safety Bill.
Google said it will now be harder for crooks to advertise. UK boss Ronan Harris said: ‘We are committed to leading on necessary changes to fight scammers.’