FCA Says It Will Act If Google Breaks Financial Promo Rules

Law360, London (June 14, 2021, 6:43 PM BST) -- Britain's finance watchdog will take action against Google and other online companies that allow unauthorized firms to promote investment opportunities in a bid to scam consumers, a senior regulator said Monday.

Mark Steward, director of enforcement at the Financial Conduct Authority, told senior MPs that the Financial Services and Markets Act 2000 means financial promotions can be communicated only by a company authorized by the City watchdog — yet unauthorized firms are using social media websites and search engines to advertise fraudulent investment opportunities to consumers.

Steward said the FCA will begin taking action against search engines and social media sites...

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