A recent report revealed that the Governor of the Bank of England, “Andrew Bailey”, is pressing the British government to present a legal request to Internet giants such as Google to remove financial fraud sites, according to a report published in the British newspaper The Sunday Times. Case, and requests that the measure be added to the online damage bill expected to be presented to Parliament this year.
A BoE spokeswoman said the central bank had not commented on private meetings and thus would not say whether or not Bailey had spoken to Patel on the issue, and said the governor had registered several times saying the online damages bill should be extended to include services. Finance, however, the spokeswoman said that the issue falls under the jurisdiction of the Financial Conduct Authority (FCA) rather than the Bank of England, and that it is the responsibility of the Financial Conduct Authority (FCA) to set policy in this area, and Bailey was Chairman of the Financial Conduct Authority (FCA) before To assume the presidency of the bank.
As it stands now, the Internet Damage Bill will force internet giants to tackle problems like child care online and terrorism, but not the financial fraud that has proliferated during the COVID-19 pandemic, and critics accuse Google of profiting from the fraud because companies or individuals seek to advertise. Suspicious get-rich-quick schemes or other scams could pay the web giant for prominent holes in search results, The Sunday Times reports.
Google says it removes fraudulent websites upon notification, and has in the past blamed poor guidance from regulators for difficulties enforcing fraud-related rules, and according to a January 2020 media report, BoE spokeswoman Bailey, who was still at FCA, said , In emails especially that companies using Google have been able to circumvent the rules that are supposed to prevent mis-selling.