Meta, the U.S. technology company behind Facebook, Instagram, and WhatsApp, has repeatedly failed to prevent illegal advertisements for high-risk financial products on its platforms in Britain, according to a review by the Financial Conduct Authority. During one week in November, 1,052 ads promoting currency trading and contracts for difference were posted by advertisers not authorised by the regulator. More than half of these ads came from advertisers the FCA had previously flagged to Meta.
The review highlights ongoing concerns about the exposure of users to fraudulent schemes. Previous internal Meta documents reviewed by Reuters show that billions of users worldwide have seen ads for illegal online casinos, banned medical products, and investment scams. The FCA has warned that social media platforms are increasingly used to target users with trading scams and launched its review to assess Meta’s effectiveness in removing rogue ads.
Ryan Daniels, a spokesperson for Meta, said the company “fights fraud and scams aggressively on a global level and takes swift action on the vast majority of reports within days.” Despite this, the regulator noted that Meta’s platforms carry a disproportionate number of suspicious financial ads, with repeat offenders responsible for the majority of illegal posts.
The issue is compounded by the legal framework in Britain. The Online Safety Act allows regulators to fine platforms for illegal user-generated content, but the provision covering paid scam ads is delayed until at least 2027. In 2022, Meta voluntarily committed to only allow firms authorised by the FCA to run financial services advertisements in the UK, but the regulator found little evidence of significant improvement. Meta stated that advertisers are responsible for complying with applicable law and must be authorised by the FCA to run such ads.
Testing differences in regulatory enforcement, a Reuters experiment showed that a suspicious financial ad ran on Facebook in Britain with no scrutiny, while a similar ad was blocked in Australia, where stricter verification rules are in place. Meta said it was working to implement safeguards globally and reported that 70% of its ad revenue in 2025 came from verified advertisers, up from 55% at the end of 2024.
Consumer advocacy groups have criticised Meta’s approach. Reset Tech found that over half of ads referencing major UK banks during a two-week review were likely scams, estimating tens of thousands of such ads could appear each year across Britain and the EU. Meta disputed these findings, arguing the methodology was subjective and that suspected scam ads had limited reach compared with legitimate content.
Banks and regulators continue to press for stronger measures. Barclays said a survey of 2,000 Britons showed eight in 10 believe tech companies should do more to stop scams, while Revolut warned that Meta remains the largest source of authorised fraud reported to the bank. Officials, including Fraud Minister David Hanson, said they will continue urging platforms to take stronger action until legal provisions fully empower regulators to enforce compliance.
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