Watchdog Issues New Call For Ban On Online Scam Ads
By Martin Croucher (September 6, 2021, 11:07 AM BST) -- Britain's financial regulator renewed pressure on the government on Monday to broaden the scope of draft legislation to stop online technology giants profiting from investment scams advertised on their platforms.
Charles Randell, chairman of the Financial Conduct Authority, said that the government's Online Safety Bill should include a ban on companies such as Google LLC and Facebook Inc. to prevent them from hosting financial services adverts from criminals.
The draft legislation currently requires tech companies to remove harmful content, including some forms of financial fraud like social media romance scams. But fraud committed through paid advertising is not within its scope....
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