Thousands of Illegal Financial Ads on Meta, Oversight Deemed Weak
Meta has been criticised for failing to curb the circulation of illegal advertisements for high-risk financial products in the UK.
This finding was presented by the UK’s Financial Conduct Authority (FCA) following a direct review.
The FCA discovered 1,052 advertisements related to foreign exchange trading and complex financial instruments appearing on Meta platforms in just one week in November. All the ads came from advertisers without regulatory authorisation.
Another finding showed that 56 per cent of these ads originated from a small number of actors previously flagged by the FCA. This pattern indicates that the same perpetrators can continue placing ads even after being reported.
The Meta platforms in question include Facebook, Instagram, and WhatsApp. All three serve as primary channels for disseminating suspicious financial ads in the UK.
“Scams are the most common crime in the UK,” said an FCA spokesperson, as reported on Wednesday (18/3/2026).
“With more than half of some scams originating from their platforms, it is crucial for Meta to enhance its efforts and use its tools to protect users from scam content,” the spokesperson added.
“Any assumption that we are ignoring FCA reports misrepresents our ongoing efforts to protect the public,” said Meta spokesperson Ryan Daniels.
Meta also stated that advertisers of financial services in the UK must obtain authorisation from the FCA. Compliance with the law is said to be the responsibility of the advertisers.
A follow-up review in December showed the same pattern. The FCA again found that illegal ads were dominated by repeat actors. The regulator did not detail the number of ads in the second period but assessed that there was no significant change.
The FCA stated that it has communicated routinely with Meta. The results have yet to show any meaningful improvement in the ad oversight system.
Specific provisions for paid advertisements will apply at the earliest in 2027. During this period, platforms like Meta do not yet face direct sanctions for paid scam ads.
The UK’s communications regulator, Ofcom, also does not yet have full authority.
“We are working quickly to implement it. The timeline is affected by factors beyond our control, particularly legal challenges against the government,” said an Ofcom spokesperson.
The FCA only has authority to act against advertisers, not platforms. Many perpetrators are outside UK jurisdiction. This situation makes law enforcement more difficult.
The regulator routinely issues warnings against unauthorised firms. Enforcement also targets influencers promoting high-risk products.
The UK’s National Crime Agency is also involved. The agency has dismantled cross-border scam networks targeting UK citizens via social media, including those from Nigeria.
Fraud Minister David Hanson stated that the government will continue to press technology companies.
“In the meantime… I hope they will go further and faster in addressing this threat,” he said.