Treasury Select Committee chair Mel Stride MP has written to Google, Ebay, Facebook and Amazon with a series of questions relating to their policies and actions to combat economic crime, prevent fraud and protect consumers.
Google’s decision to only allow regulated firms to place financial services adverts targeting UK consumers has received a measured response from the Financial Conduct Authority, while a law firm has warned the devil will be in the detail.
Politicians have called for the Financial Conduct Authority to set an end date for a transformation programme that seeks, among other things, to tackle the “siloed” culture within the regulator.
The Treasury Select Committee has criticised the government for a “missed opportunity” to tackle fraudulent online adverts and prevent customers being scammed by fake financial products.
A Freedom of Information request by Post has revealed that the Financial Conduct Authority spent over £240,000 on Google Ad words in the first four months of the year, taking the bill since 2019 over £2.1m.
The Financial Conduct Authority has warned social media companies that it will take legal action if they keep publishing scam adverts.
Research by Post has revealed that brokers as well as insurers are being targeted by claims management companies seeking to take over motor claims via misleading advert urls online, particularly on mobile devices