Late on Tuesday, the 26th of November 2019, British financial watchdog raised an alarming bell over mischievous usage of Alphabet Inc.-owned search engine giant, Google LLC.’s online marketing platform by a number of mini-bond schemes, saying illegal marketing of such schemes could raise potential legal concerns and could lead to a potential lose of savings for small-scale investors, after the British regulators had imposed a stiffer regulation in a bid to prevent mass-marketing of mini-bonds.
In point of fact, the sweeping ban on mini-bond schemes came forth almost a year after an unprecedented collapse of London Capital & Finance, which drowned itself alongside unregulated mini-bonds worth of roughly £237 million, leaving about 11,600 small investors bare-footed, a large number of which had claimed they lost much of their savings on London Capital & Finance.
In point of fact, mini-bond schemes’ investments, often marketed in the online offering a heavy return, averaged a sum of roughly £25,000 initially, however, were not regulated by the Financial Conduct Authority of Britain, which eventually made them highly vulnerable to legal setbacks and a slew of illegal theft-schemes, while the British FCA (Financial Conduct Authority) Chair Andrew Bailey was quoted saying on Wednesday (November 27th) following an imposition of the new ban that he and his watchdogs were looking to a sweeping revamp of web services companies, in particular Google LLC.’s search engine, to stop illegal promotions of mini-bonds online, adding, “We want to see more from Google, they have a responsibility given the reach and power of their tool.
We have got to reach a point where we understand that where a test is passed, that we can demonstrate a site is harmful, that they are prepared to take it down. ”