Google’s investment ad crackdown

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 3 July 2021

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

Google is cracking down on financial-scam adverts in the UK, but will it work? Campaigner Mark Taber tells us what needs to be done to stem the millions of pounds lost to bogus investment schemes each year.

It was reported this week that the financial regulator has banned one of the biggest crypto currency exchanges from operating in the UK. Jannah Patchay, founder of Markets Evolution, and Jason Deane – a consultant for Luno, explain why those reports were wrong.

Park Christmas Savings, one of the UK’s most popular savings clubs says it will review its refund policy following a Money Box investigation.

And the push for Plain Numbers – why just a few small changes to the way financial information is displayed can dramatically increase customers’ understanding. Mike Ellicock explains the thinking behind his campaign.

Presenter: Paul Lewis Reporter: Dan Whitworth Production Co-ordinator: Janet Staples Researchers: Stefania Okereke and Anita Langary Producer: Joe Kent Editor: Alex Lewis

Transcript

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0:00.0	In Northern Ireland, from the late 70s to the early 90s, the IRA killed over 40 alleged informers.
0:08.0	But the man who often found, tortured and sometimes killed these people on behalf of the IRA
0:12.0	was himself an informer, a secret British army agent with the codename Stakeknife.
0:18.0	Who gets to play God? And why me? Why my family? When lies are still being told to this day,
0:24.0	who do you believe? I wouldn't even know where to start and I'm with the IRA.
0:28.5	Steakknife. Listen first on BBC Sounds. BBC Sounds, music, radio, podcasts. Hello and welcome to this Moneybox podcast. It's been widely reported that the Financial Conduct Authority has banned a firm which lets people trade and invest in cryptocurrencies. So why is its website still operating?
0:51.0	How safe as savings clubs. One woman tells us her money disappeared just before last Christmas, and the joy of plain and simple when it comes to numbers.
1:01.0	But first, Google will ban unregulated firms from advertising financial products on its search engine.
1:07.0	At the moment, many unregulated firms offer returns of 8% a year or more, and their adverts can come top when you make searches for good investments.
1:16.0	But from the end of August, every firm advertising a financial product will need to be regulated by the Financial Conduct Authority and prove that to Google before adverts are accepted.
1:26.7	Well, with us is Mark Tabor, who's told Moneybox before
1:29.2	that he would like precisely this change to be made.
1:32.4	Mark Tabor, are you pleased?
1:34.6	Yes, it's a positive move, but it's taken far too long,
1:37.9	so that brings questions over the timing of this,
1:40.3	because there's a lot of pressure at the moment
1:41.8	to include online advertising in the online
1:45.5	safety bill, including from the Work and Pensions Committee and Treasury Committee. So there's a
1:50.2	concern that Google are doing this to head off legislation that is still needed to create a sort
1:55.5	of consistent and sustainable solution here. And will it work? Will it actually stop these rogue adverts coming top of searches?
2:03.6	Well, it should work if Google does it properly, but they don't have a very good history
2:08.6	here, and they have a number of policies at the moment that should stop a lot of the adverts
	...

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