FCA takes aim at tech giants in calls for law change to tackle online scams

Second annual regulatory Perimeter Report

Online tech giants like Google should “bear clear legal responsibility” for the promotion of financial products on their platforms, according to the Financial Conduct Authority (FCA), which has called for fraud to be included in the Online Harms legislation.

The coronavirus pandemic has only exacerbated the growing threat to consumers through online promotions of fraudulent or high-risk, unregulated financial products, at a total cost of £4m to savers as of July, according to the Investment Association. Investor harm caused by unregulated financial promotions has been a growing area of focus of the FCA as a result. In its second annual regulatory Perimeter Report, the FCA said online platforms, such as search engines and social media platforms, "play an increasingly significant role in communicating financial promotions to consumers", who...