Tech giants Facebook, Microsoft, Twitter and TikTok need to “do the right thing” when it comes to promotions and advertisements for financial products that have not been approved by an FCA-authorised firm, chair of the regulator Charles Randell said.

“Google has committed to stop promoting advertisements for financial products unless an FCA authorised firm has cleared them,” said Randell during a speech at the Cambridge International Symposium on Economic Crime on 6 September. “Google is doing the right thing and we will monitor the impact of its changes closely.”