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FCA: Platforms like Google should bear legal liability for the financial ads they pas

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Old 05-10-2020, 16:46
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Default FCA: Platforms like Google should bear legal liability for the financial ads they pas

The British financial regulator, the Financial Conduct Authority, issued the 2019/2020 edition of its Perimeter report, in which the agency outlines its current goals and the strategies it intends to use to tackle those goals. Most notably, the agency proposes a crackdown on broker advertising directed at large social media platforms, like Google, Facebook, Instagram and YouTube
This was proposed because the regulator believes that there is a large amount of ads on these platforms, paid for by both legitimate and fraudulent companies alike. According to the FCA, the amount of marketing of high-risk financial operations, including Forex trading, is unacceptable. In the light of that the FCA believes that Google should be held as responsible for the kind of ads it displays as tradition media when they run promotions for investment companies.
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I am hardly surprised - scammers often use social media to get to as many victims as they can, regulators were bound to notice sooner or later.
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