More than 1,000 illegal financial promotions were identified on Meta’s platforms in a single week, according to a review by the Financial Conduct Authority (FCA), Reuters reports.
The regulator found 1,052 advertisements for currency trading and complex financial instruments posted by firms not authorised to promote such products in the UK.
Of those, 56% were linked to advertisers the FCA had already flagged to Meta, raising concerns about the platform’s ability to act on known risks.
The findings relate to activity across Meta-owned platforms including Facebook, Instagram and WhatsApp, which the FCA said carry a disproportionate share of suspicious financial advertising.
A follow-up review in December produced similar results, with a small number of repeat offenders responsible for the majority of illegal ads detected.
The watchdog has previously warned that social media is increasingly being used to target consumers with trading scams, particularly those linked to foreign exchange products. The latest exercise aimed to assess how effectively Meta has upheld its voluntary 2022 commitment to restrict financial promotions to FCA-authorised firms.
However, enforcement remains limited. The Online Safety Act, which was introduced in 2025, allows regulators to fine platforms up to 10% of global revenue for hosting illegal user-generated content. But provisions covering paid-for scam advertising have been delayed until at least 2027.
The FCA does not have direct oversight of Meta, which instead falls under the remit of Ofcom, which is also unable to act against paid scam ads until the delayed provisions come into force.
In the meantime, the FCA continues to pursue unauthorised advertisers directly, issuing consumer alerts, taking action against UK-based influencers promoting high-risk products, requesting that platforms remove illegal financial promotions and launching a scam awareness campaign.