Today, Google has announced a significant measure to protect users and help prevent scammers from exploiting their platforms. From 6th September 2021, Google will require the verification of financial services firms if they wish to advertise using any of their services.
As a financial services firm, what do you need to do to ensure your adverts keeping running?
In an email sent to firms, Google stated that in order to show financial services ads of any kind in the UK, the advertiser will need to be verified by Google. As a part of the verification process, the advertiser must demonstrate that they are authorised by the UK’s Financial Conduct Authority or qualify for one of the exemptions described on the UK Financial Services verification page.
Firms can initiate verification, or Google may require an advertiser to complete the verification process. Firms that fail to complete step 2 of verification within the time given will have their accounts paused. Learn more about UK Financial Services verification.
This covers both regulated and non-regulated firms. Google will publish the full policy update on 30th August and will be enforced a week later. Any firm that does not complete the process within the time specified will no longer be able to advertise.
Google UK and Ireland vice president and managing director Ronan Harris says: “Today’s announcement reflects significant progress in delivering a safer experience for users, publishers and advertisers.
“While we understand that this policy update will impact a range of advertisers in the financial services space, our utmost priority is to keep users safe on our platforms — particularly in an area so disproportionately targeted by fraudsters.”
“This new update builds on significant work in partnership with the FCA over the last 18 months to help tackle this issue.”