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Governor BoE wants a UK bill to help Google tackle online scams: Sunday Times | B97.5 | Your Life. Your music.




London (Reuters)-Bank of England Governor Andrew Bailey is lobbying the British government, according to The Sunday Times, to legally remove financial fraud websites from Internet giants such as Google. Mandatory.

According to the report, Bailey has lobbied Interior Minister Priti Patel on the issue and called on him to add the measure to the online harm bill to be submitted to Congress this year.

A Bank of England spokeswoman said the central bank did not comment on the personal meeting and would not say whether Bailey had spoken to Patel on the matter.

She said the governor had been on record several times saying that the online harm bill should be extended to cover financial services.

However, a spokeswoman said the topic was under the jurisdiction of the Financial Conduct Authority (FCA), not the Bank of England, and that the FCA would develop policies in this area. Bailey was the head of the FCA before taking command at the bank.

Currently, the online harm bill forces Internet giants to tackle issues such as online child care and terrorism, but not the surge in financial fraud during the COVID-19 pandemic.

Critics accuse Google of benefiting from scams because companies and individuals trying to promote suspicious scams and other scams can pay web giants to prominent slots in search results. The Sunday Times reported.

Google has stated that it will remove fraudulent sites when notified, and has accused regulators of inadequate guidance in the past as having difficulty implementing rules regarding fraud.

According to a January 2020 media report flagged by a Bank of England spokeswoman, Bailey, who was still at FCA at the time, said private emails that Google-using companies were able to circumvent the rules to prevent mis-selling. Was mentioned in.

(Report by Estelle Shirbon, edited by David Evans)

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