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Google urged to vet online financial promotions better
An illuminated Google logo is seen inside an office building in Zurich, Switzerland December 5, 2018. (Photo: REUTERS/Arnd Wiegmann)
18 Dec 2020 02:15AM (Updated:
18 Dec 2020 04:46AM) Share this content
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LONDON: Google should voluntarily take action immediately to better vet paid-for promotions for financial products, Britain s Financial Conduct Authority said on Thursday (Dec 17) after a damning report on the watchdog s handling of a collapsed fund.
Nikhil Rathi, chief executive of the FCA, said Google should make checks with regulators to see whether potential advertisers had already been shut down in some other guise, before promotions are posted online.
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Thursday, 17 Dec 2020 11:40 PM MYT
File photo of Bank of England Governor Andrew Bailey at the central bank in London, Britain March 16, 2020. The demise of LCF left 11,600 investors in mini-bonds facing losses of up to £237 million. ― Reuters pic
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LONDON, Dec 17 Britain’s markets watchdog, when it was run by Andrew Bailey, now head of the Bank of England, failed to supervise London Capital & Finance properly before the fund collapsed last year, an independent report said on Thursday.
The demise of LCF left 11,600 investors in mini-bonds facing losses of up to £237 million (RM1.3 billion).
Bitcoin.
Photo: 123RF
The volatile virtual currency has gained more than 170 percent this year amid stock market turmoil.
This week Bitcoin has jumped 4.5 percent to as much as $20,440 buoyed by demand from large investors keen on its potential for quick profits.
There are also expectations that it may gain more widespread traction as a payment method from the likes of Starbucks and Microsoft.
But it has been a bumpy ride for investors, with the cryptocurrency passing $19,000 in November before dropping sharply.
A previous rally in 2017 saw it come close to breaking through the $20,000 level. But it has also hit extreme lows and has fallen below $US3300 previously.