Google Starts Regulating Financial Services on its Platform in British

There have been 1,200 reports of financial fraud in the UK that came from service providers advertising on Google’s platform, and this has led to a series of investigations from financial watchdogs and the like. This is something that could pose a very big risk for Google since the company is already facing a great deal of litigation from a variety of fronts especially in the EU, so if this were to get out of hand it could spell some real trouble for the search engine giant.

In order to stave off any potential negative consequences in this regard, Google is now going to vet any paid promotions for financial services for the purposes of eliminating any type of fraud in this regard. One reason why Google has taken the initiative for something like this is that the company is wary of governments taking matters into their own hands. This usually results in extremely strict policies that Google would be forced to conform to, so finding a way to ensure that nothing of this sort ever occurs would most likely be a good idea for the company.

Enacting regulatory policies on its own can result in a much more favorable outcome for Google. The Alphabet subsidiary would be able to exert a little more control over what regulations they put in place, which would be a far sight better for the company than if it allowed governments to make these decisions. Many UK based regulatory authorities are suggesting that these steps might not be enough though, and they are waiting to see if they will have the desired effect before making their own decisions in this regard. If the regulations are not up to mark, the UK government might start to take action and this would not be ideal for Google’s British based operations at all.

Photo: Charles Platiau / reuters

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