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Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.

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EU to impose strict new rules on social media companies

The new laws brought in will reprimand and punish social media companies if they don’t eliminate terrorist content within an hour of being flagged

EU commissioner for security, Julian King stated: “We cannot afford to relax or become complacent in the face of such a shadowy and destructive phenomenon”, in a conversation with the Financial Times. He also reflected on the fact that he didn’t think that enough progress had been made in this particular area at the moment.

It had previously asked the world’s biggest social media platforms, including: Facebook, Twiter and Google, to remove terrorist propaganda within an hour. But it has now concluded that this voluntary approach hasn’t worked, and there is a need for strict regulation to spur the companies to take action.

The legislation, which will be proposed later this year, is the latest in a series of European efforts to put increasing regulations on big tech companies. EU data protection rules that came into effect in May, have already played a part in changing how these companies around the world collect and handle personal data.

These regulations will target the biggest social media companies on the planet. Including Facebook, Twitter, Google and Youtube. All of whom, had agreed in 2016 to remove terrorist content from their platforms.

In march of this year, the EU had once again warned these companies regarding the same. Stating that a series of new laws will be formed, should the companies fail to comply. EU officials had given them three months to report back.

While the new draft has not been release, it is expected to include steep fines if the companies fail to comply this time. It also needs the approval of lawmakers and EU member countries.

Facebook , Google , and Twitter have declined to comment so far.

-GBO Correspondent

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