Definition of financial services
I've never advertised through Google, but once looked into it so I'm still on their mailing list. Got an e-mail about this issue today. The restrictions only apply to 'financial services ads' (whether or not regulated by the UK FCA).
But a lot of what ordinary folk would consider to be financial services are actually outside the scope. I quote:
"Ads related to the following categories will not be considered financial services for the purposes of this policy, but are still required to comply with all other Google Ads policies:
• Products in scope of our Debt services policy
• Products in scope of our Complex speculative financial products policy: contracts for difference, rolling spot forex, financial spread betting. Ads for this category will be able to target UK users seeking financial services as long as they meet the requirements of our Complex speculative financial products policy and complete verification, if requested by Google.
• Gambling (see our Gambling and Games policy)
• Products in scope of our Cryptocurrencies, Credit repair, and Binary options policies"
So still plenty of scope for shysters to advertise.