Google has recently announced that it will be updating the Google Ads Financial Products and Services policy in September 2021. The full policy will be published on the 30th of August 2021 with enforcement starting to take place seven days later on September the 7th.
Its focus will be introducing new verification requirements for Financial Services advertisements targeting the UK. This translates to stricter regulations on AdWords and in turn, mean the Pay Per Click strategy of your business needs reviewing.
The measures put in place by Google should overall be beneficial for businesses and users alike, as only FCA regulated providers will be able to advertise. The quality of adverts and companies shown to users will massively improve, with less likelihood of people becoming the victim of financial scams.
What You Should Know
Advertisers that have not completed the verification process by the time of enforcement will no longer be able to show financial services ads of any kind. These do include any UK users who appear to be seeking financial services.
How Does the Verification Process Work?
The verification process involves companies wishing to advertise their services to demonstrate that they are authorised by the UK Financial Conduct Authority or qualify for one of the exemptions.
Advertisers can initiate the verification process themselves here, or in some cases, Google may instruct you to do so for your Ads to continue to show.
The verification form requires your Google Ads account ID, business details, domains affected, and warranty that approves financial promotions that the third party runs.
The two-step process must be completed within the allocated time frame to prevent their accounts from being paused. You can learn more about UK Financial Services Verification Here.
Will It Suspend My AdWords Account?
It is key to review this policy update if your company uses Google PPC to advertise financial services of any kind. Your external marketing agency will be able to help determine and alert you as to whether your ads fall within the scope of the policy.
If they do, you must complete the verification process as mentioned above or remove the ads that violate the policy.
Violations of the policy mean that a warning will be issued by Google. If action is not taken in 7 days, you risk your account being suspended.
Please contact Chameleon today if you are worried about the upcoming changes, we are here to help. Book a meeting with us to discuss how the impacts your PPC strategy moving forwards.