Context
Charles Randell, Chair of the FCA and PSR, gave a speech to the Cambridge International Symposium on Economic Crime on 6th September 2021.
Key points to note
- While platforms’ efforts to crack down on fraudulent advertisements are welcome, a permanent and consistent solution to the problem of online fraud from paid-for advertising requires legislation.
- Charles gave the example of Google, who have committed to stop promoting advertisements for financial products unless an FCA authorised firm has cleared them.
- He stated “online platforms should expect a future where regulation addresses the significant risks they pose in the same way as other businesses. Same risk, same regulation”.
Next actions
None – for information and awareness, but this is a further indicator of a regulator that is committed to introducing rules and guidance that are specific and targeted, and that give the regulator a firmer basis for action.