Monday marked the moment when Google’s new rules to combat scam adverts came into force. The search giant is now supposed to only carry investment ads placed by companies that are regulated by the Financial Conduct Authority.
I put this to the test by searching for investments with good returns and was presented with a Google Ad for gigapromo.co.uk. This led to a second ad, this time for comparebest-isas.com gushing: "High interest savings account - best 5 year fixed rate bonds".
Clicking through to comparebest-isas.com led to a website brazenly using pictures of singer Wynne Evans lifted from the genuine GoCompare website.
"Trusted by You and always impartial," the fake website claimed, adding another lie by insisting that your savings would be protected up to £85,000 by the Financial Services Compensation Scheme.
The small print stated that the site was a trading name of BestIsaComparison Limited, but there is no such company listed at UK Companies House, or authorised by the Financial Conduct Authority.
In fact, comparebest-isas.com was put on the watchdog’s alert list of unauthorised firms back in July. GoCompare confirmed that the advert was fraudulent.
“Unfortunately, as GoCompare is a well-known financial services brand it is sometimes is targeted by unscrupulous companies cloning our websites or stealing our brand imaging," said a spokesperson.
"Regrettably, there is very little we can do about it until we become aware and then we can take action.
“To ensure customers aren’t duped by cloned websites, they should always to check that the firm disclosure information is correct, this will usually be displayed in the footer of websites, and will include the company registration details along with details of the FCA firm reference number and types of activities it conducts, all of which can be found on the FCA's Financial Services Register https://register.fca.org.uk/s/
“If customers are in any doubt about the validity of any website, they should not disclose any personal information, bank details or card information and should contact either the FCA or the brand directly.”
Google insisted: “Protecting consumers and legitimate businesses operating in the financial sector is a priority for us. We have been working in consultation with the FCA for over a year to implement new measures and having now launched further restrictions requiring financial services advertisers to be authorised by the FCA with carefully controlled exceptions, we will be vigorously enforcing our new policy."
Investigate@mirror.co.uk
