FCA tells MPs it will take action against social media and search engines that host online frauds
The City regulator has warned it will take legal action against Google and social media companies if they continue to accept advertisements for online financial scams that have flourished during the pandemic.
The Financial Conduct Authority’s head of enforcement, Mark Steward, told the Treasury select committee on Monday that the UK had been blocked until recently from taking action against online platforms that failed to screen financial adverts to make sure they were approved by an FCA-authorised firm or individual.
