The UK’s financial regulator has given a lukewarm response to Google’s plans to tighten the promotion of scams on its platforms.
It has warned that Google’s actions may not be enough to halt the introduction of tough new legislation to prevent fraud as part of the forthcoming Online Safety Bill.
To protect consumers from dodgy financial schemes, firms advertising financial services will now have to prove they are authorised by the UK’s Financial Conduct Authority (FCA). In a recent related enforcement action, the watchdog banned crypto super-exchange Binance from “regulated activities” in the UK, although its dotcom site will not be affected. Binance was one of 64 cryptocurrency-related firms that withdrew their applications to register to do business in the UK, an FCA spokesperson told Reuters earlier this week.
The changes to the Google Ads Financial Products and Services…