City watchdog plans crackdown on scammers


Ruth Lythe for the Daily Mail

The FCA is trying out technology that will allow it to identify misleading words in a firm¿s advertising material

The FCA is trying out technology that will allow it to identify misleading words in a firm¿s advertising material

The FCA is trying out technology that will allow it to identify misleading words in a firm’s advertising material

The City watchdog is planning to use computer programs to detect rogue firms that make false promises to customers.

The Financial Conduct Authority is trying out technology that will allow it to identify misleading words in a firm’s advertising material. 

For instance, it may be able to flag up words such as ‘guaranteed returns’, which could be an indication that a firm is luring in customers with unrealistic promises and failing properly to explain the risks of losing their money. 

The adverts could then be shut down.

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