The search engine giant says the new requirement will go into effect on September 6, 2021 and will help prevent scammers from taking advantage of its platforms. This means that financial service providers who want to advertise their services on Google must prove by this new deadline that they are authorized by the Financial Conduct Authority (FCA).
However, the new policy does not cover all ads. Google said that ads related to debt services, gambling, cryptocurrencies and credit repairs, among other things, are not considered financial services for the purposes of the new policy, although they must continue to comply with all other Google ad policies.
The move from Google comes after activists, including MoneySavingExpert.com and our founder Martin Lewis, call for the government to include fraud reports in their online security law. Action Fraud figures show that £ 1.7 billion was lost to fraud in the past year, while estimates for the year through June 2020 show that 85% of all fraud cases were made possible through the internet.
For more information on how to avoid scams and what to do if you think you’ve been caught, see our guide to 30 Ways To Stop Scams. For individual help and advice, contact the Citizens Advice Scams Action website or call the online fraud hotline on 0300 330 3003.
Put Fraud On The Online Safety Bill On Safety
MoneySavingExpert.com is researching this announcement from Google in more detail and we will update this story as we learn more. The FCA adds that it will also “evaluate the outcome of Google’s decision” once these changes go into effect. The FCA has also separately required that investment fraud caused by online advertising fall within the scope of the new Online Security Act.
An FCA spokeswoman said, “While this is an important step by Google, we think that a permanent and consistent solution requires legislation. We continue to believe that investment fraud caused by online advertising should be included within the scope of the Online Security Act and welcome the recent opinion from the Finance Committee on this. “
What does google say
Ronan Harris, Managing Director of Google UK, said, “Today’s announcement reflects significant progress in delivering a safer experience for users, publishers and advertisers. We aim to make changes that are necessary to combat online fraudsters. “
Additional coverage by the press association.