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

[mlawson71]

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.

Source

I am not surprised, frankly, scammers often use social media to reach as many potential victims as possible, it was high time for regulator to deal with that.