The UK own Financial Conduct Authority has implied multiple times that it is powerless from stopping investment scam ads from appearing on the internet, leaning on potential government backup in this everlasting strife for a scam-free digital environment.
FCA chief executive Andrew Bailey, has many times before implored for internet search providers to take down scammer adverts on their websites, no later than 48 hours of issuing the request. However, the FCA cannot enforce any pressure without the help of government agents.
One of the most popular platform allowing for fake ads is in fact Google and similar industry giants.
“The FCA has no power to direct Google to stop advertising online scams and frauds nor does any other agency. This is why we strongly believe this should be covered in the Online Harms Bill.” an FCA representative previously commented.
The Online Harms Bill from the Queen’s Speech is a joint force from the Digital, Culture, Media, and Sport department, and the Home Office. As the name suggests, the bill’s main commitment is to protect the UK population from digital threats, a push that is easier said than done.
There are rumors circulating that there will be a newly independent regulator whose sole task will be to monitor the behavior of online companies. By the looks of it its main purpose will be to keep an eye on fraudulent ads’ appearance on companies’ websites.