Google to crack down on ad scams
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Google UK have agreed to tighten rules on financial services ads.
The company is making an effort to clamp down on scams and from 6 September. Firms advertising such services on their platforms must prove they are authorised by the Financial Conduct Authority (FCA), after the watchdog issued 1 2000 consumer warnings last year about fake companies promoting themselves via online platforms.
Under Google's new policy, ads for categories including debt services, gambling, cryptocurrencies and credit repair, will not be covered and the firm hope to make the online experience "safer" for all.
Google UK managing director Ronan Harris said: "Today's announcement reflects significant progress in delivering a safer experience for users, publishers and advertisers.
"Our utmost priority is to keep users safe on our platforms - particularly in an area targeted by fraudsters."
The FCA praised the move and plan to "review the detail" of the policy.
They said: "We welcome all steps which protect consumers from scams and recognise that this is a positive move from Google. We will review the detail.
"We want to see continued and concerted efforts by all organisations with an interest in protecting consumers to achieve a sustained reduction in scams.
"While this is an important step from Google we think a permanent and consistent solution requires legislation."
Earlier this month, the FCA told a Treasury select committee that they had been paying Google to publish their warnings on scams.
Director of Enforcement Mark Steward told MPs: "The irony of us having to pay social media to publish warnings about advertising they are receiving money from is not lost on us."