Meta Fails to Block 1,052 Unauthorized Financial Ads in UK Week
Britain's FCA found Meta failed to block 1,052 illegal ads for currency trading and CFDs by unauthorised advertisers over one week, with 56% from previously flagged accounts. Meta’s 2022 commitment to admit only FCA-authorised financial advertisers has not prevented repeat offenders, exposing regulatory and reputational risk.
1. FCA Testing and Findings
During a one-week review in November, Britain’s Financial Conduct Authority identified 1,052 illegal ads promoting foreign exchange and CFD products on Meta’s platforms, noting that 56% originated from advertisers the regulator had previously flagged.
2. Meta’s Policy Commitments and Performance
Meta voluntarily committed in 2022 to allow only FCA-authorised firms to run financial services ads in the UK and updated its policies accordingly, yet its controls failed to prevent a small group of repeat offenders from posting high-risk financial promotions.
3. Regulatory Outlook and Risks
Britain’s Online Safety Act empowers regulators to fine platforms up to 10% of global revenue for illegal paid content, though the scam ad provision is delayed until at least 2027; in the interim, FCA will continue testing Meta’s monitoring while Ofcom lacks enforcement power over paid ads.