Online platforms and social media firms should be held accountable for hosting investment scam websites and advertisements, the FCA’s chief executive has said.
Speaking at UK FinTech Week today, FCA CEO Nikhil Rathi (pictured) said the government needs to force online search engines and platforms to be responsible for investment scam content they host.
‘We have called for the government to take action to provide better financial protection for consumers online – I reiterate that message today,’ he said.
‘Ultimately, online search and social media firms need to take greater responsibility for their role in connecting consumers with these investment offers.’
Rathi said online and social media platforms need to fall under the regulator’s financial promotion rules, which is possible now the UK has left the European Union.
‘We see no reason why different standards should apply to a search engine or social media…