Google to clamp down on financial scams in UK

Google is to clamp down on fraud on its platforms, at least in the UK.

The search giant said all financial services will need to be verified by the country's regulator before they can advertise.

Last year Britain's financial watchdog issued 1,200 warnings about scams promoted on social media platforms by fake companies.

That was double the number in 2019.

Google said in a blog post that it would start enforcing the new policy from early September.

The Financial Conduct Authority welcomed the move, but said it wasn't enough.

It says a permanent and consistent solution will require legislation.

The FCA now says it will assess the outcome of Google's move once the changes take effect.

Bank of England governor Andrew Bailey is reportedly pressing to make it a legal requirement that internet giants take down financial fraud websites.

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