Google toughens up financial ad rules

Google is to make it harder for non-FCA authorised firms to advertise financial products in the UK without advance verification. From August the global search company will change its UK advertising policy to require most financial advertisers to be verified in advance before they can advertise. There has been widespread criticism from the FCA and others that search engines have failed to tackle online scam advertisers. A number of major recent financial scams and failures, including London Capital & Finance, began with heavy internet advertising luring unsuspecting investors. In August Google says it will update its Google Ads Financial Products and Services policy, the firm announced in a blog today. This will introduce new verification requirements for financial services advertisers targeting UK investors. The policy update will be published on 30 August and enforcement will take effect seven days later. Google has told financial advertisers to review the new policy and complete UK Financial Services verification - if relevant - or remove ads before 6 September. Advertisers that have not successfully completed the updated verification process by the time enforcement begins will no longer be allowed to show financial services ads of any kind in the UK, including showing ads to UK users who appear to be seeking financial services. As part of the verification process, advertisers must demonstrate that they are authorised by the Financial Conduct Authority or qualify for one of the exemptions allowed. Advertisers can apply for exempt status by proving they are promoting products or services that are, “not related to financial services but may be targeting users who appear to be seeking financial services.” Examples could include search engines and e-commerce platforms. A number of advertising categories are not considered to be financial services for the purposes of Google’s new policy, the company says. However they will still be required to comply with "all other Google Ads policies", Google says. These categories include: debt services, complex speculative financial products (eg contracts for difference, rolling spot forex and financial spread betting), gambling, cryptocurrencies, credit repair and binary options policies. Advertisers can initiate verification, or Google may require an advertiser to complete the verification process. Advertisers that fail to complete step 2 of verification in good time will have their accounts suspended. Warnings will be issued at least 7 days prior to any suspension of accounts.

Google toughens up financial ad rules

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