Investor protection : Letter to Google on preventing online harm from unauthorised financial advertisements

The Chair 28 May 2025 ESMA35-1872330276-2404 Google European Headquarters Gordon House Barrow Street Dublin 4 DO4 V4X7 Ireland Ref: Preventing online harm from unauthorised financial advertisements Dear Sir/Madam, The European Securities and Markets Authority (ESMA) is an independent public Authority of the European Union (EU) that was established on 1 January 2011. ESMA’s mission is to enhance investor protection, promote orderly financial markets and safeguard financial stability. The increasing spread of online scams targeting retail investors poses a serious risk to investors themselves and to society as a whole, with fraudulent actors exploiting digital platforms to advertise unlawful financial services. These activities often mislead consumers into engaging with firms that lack proper authorisation, resulting therefore in financial losses and in the loss of trust in the financial sectors and, more widely, in the digital environment. On behalf of ESMA and both all the national competent authorities (NCAs) of the 27 Member States of the European Union as well as the EEA NCAs, I wish to commend your efforts to protect consumers from online scams and misleading financial promotions through Google’s Financial Services Verification Policy (FSVP). The requirement for advertisers to demonstrate authorisation from their relevant financial regulator contributes to mitigating online scams in the jurisdictions where the policy is applicable. We note, however,...