Google has started a new verification policy to crack down on advertisements for financial services.
In a message sent to advertisers on Wednesday (June 30th), Google announced that it would update its policy by introducing new UK-targeted auditing requirements for financial services advertisers.
On the subject of matching items
Ads related to the following categories are not considered financial services for the purposes of this policy, but must still adhere to all other Google Ads policies:
Advertisers who have not successfully completed the updated verification process by the time enforcement begins will be banned from running financial services ads in the UK. ”
- Products under our Debt Service Policy
- Products as part of our complex speculative financial product policy: Contracts for Difference, Rolling Spot Forex, Financial Spread Betting. Ads for this category can be targeted to UK users looking for financial services, provided they meet the requirements of the Complex Speculative Financial Products Directive and do a full review at Google’s request.
- Products within the scope of our guidelines for cryptocurrencies, credit repairs and binary options
The tech giant said: “Consultants who have not successfully completed the updated verification process by the time enforcement begins will be banned from serving financial services ads in the UK, including serving ads to UK users who appear to be looking for financial services.
“Violations of this policy will not result in immediate account lockout without warning. A warning will be issued at least seven days before your account is locked.”
The policy update will be posted on August 30th and enforcement will take effect seven days later. The company didn’t provide many details about the upcoming changes.
In January, Pension Minister Guy Opperman told a working and pension committee that online platforms “need to change their ways” and help eradicate pension fraud.
He said, “Google needs to look closely at itself and change. We have reached a situation where the number one information provider is not a newspaper or encyclopedia, but Google, clearly, and to a lesser extent, Facebook.
“We as legislators have to look very carefully at how we regulate online operators on an ongoing basis.”
Holly Mackay, CEO of Boring Money, said the premise was logical: “This policy offers a reasonable amount of control and should mean that people can buy with a little more confidence when looking for an investment provider online.
“However, enforcement will clearly be very difficult and if fraudsters can still sneak their way through the web, consumers will need to remain vigilant.
“It is wise to be careful with any product that claims it can guarantee exceptional returns, and investors should always try to verify that the investment they are planning is real, for example by looking at secondary sources such as review sites and investment -Research tools. “
Mackay also said that weeding out financial ads from search engines was a “key challenge,” but added that the potentially more dangerous platforms are those like TikTok and Instagram, where “unqualified influencers spread nonsense about investing.”
“It’s harder to regulate and control, but a lot of damage is done. It’s quick and as always I think it’s very hard for the regulator to keep up.”
Meanwhile, 4 Financial Planning founder Ian Else said: “The FCA seems to be struggling to contain the deluge of misinformation or even downright fraud.
“So it’s a relief that the first major tech giant decided to do the right thing. However, the evidence will be in the pudding and social media platforms will have to follow suit to make a significant difference.”
A step in the right direction. Let’s hope @Facebook does something similar. pic.twitter.com/2b4Dgkzxyf
– Ian Else (@ ian_4fp) June 30, 2021