Alphabet Inc.’s (GOOG) Google on Wednesday announced additional safety measures to protect against financial fraud in the United Kingdom. The company said that these measures would safeguard the interests of users and genuine advertisers and protect against scamsters making use of Google platforms.
As part of the new safety measures, the company will update its Ads Financial Products and Services policy from August 30 to bring in new certification requirements for financial services wanting to advertise in the UK. Under the new measures, financial services advertisers need to show that they are authorised by the UK Financial Conduct Authority or qualify for one of the limited exemptions mentioned in the UK Financial Services verification page. This requirement covers financial services products both regulated by/not regulated by the UK Financial Conduct Authority.
Google said the measures are a result of working with the FCA for the past 18 months to solve the problem, and are very important as they will go a long way in protecting users, publishers and advertisers.
The company said that with the policy being updated on August 30, it will come into force a week later on September 6.
Companies who have successfully completed the updated verification process by the time enforcement begins will be eligible to showcase their financial services ads to UK users. This will include showing ads to users who are in need of financial services.
Google said that it has been in constant touch with the FCA to know when additions are made to their warning list. Working with the authorities, the company has also updated policies like unreliable claims policy. This policy limits the rates of return a firm can advertise and banned the use of terms, which claim large financial return with minimal effort or investment.
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