Which? cross-referenced 300 FCA Warning List entries with advertising libraries on Meta, Google and TikTok — and found prohibited firms appearing in results.
Consumer group Which? examined 300 recently published or updated entries on the Financial Conduct Authority’s Warning List and checked them against advertising libraries run by Meta, Google and TikTok. The research found examples of firms on the Warning List advertising on major platforms, including Facebook — despite those platforms having policies that require financial-services advertisers to hold FCA authorisation.
The FCA said it is concerned those platform policies are not being enforced sufficiently. Firms and individuals generally need FCA authorisation to promote or provide regulated financial services — covering investments, insurance, credit and financial advice — and the Warning List identifies those the regulator believes may be operating without permission or running scams.
The FCA’s own monitoring figures show the scale of the problem. According to available FCA data, the regulator issued 2,240 alerts about unauthorised firms and individuals in 2024, compared with 2,286 such alerts in 2023.
That’s a lot of warnings. But warnings alone don’t stop the adverts appearing.
Which? says the presence of Warning List firms inside platform advertising systems suggests existing safeguards may not reliably stop prohibited promotions from reaching consumers. The platforms — whose properties include Facebook, Instagram, WhatsApp, Threads and YouTube — have not disputed that their policies require authorised advertisers, but the FCA has questioned whether those requirements are being upheld in practice.
The Online Safety Act 2023 includes duties on regulated online services relating to fraudulent paid advertising, with enforcement responsibilities sitting with Ofcom. Since 8 October 2023, the FCA has also held expanded powers over the promotion of cryptoassets to UK consumers — a category the regulator specifically flags as a common vehicle for online trading scams, alongside foreign exchange and contracts for difference. Between that date and 31 December 2023, 35 apps were removed from UK app stores following FCA action.
Consumers can check whether a firm is authorised using the FCA Firm Checker and Warning List, though the FCA cautions that absence from the Warning List does not confirm a firm is legitimate or authorised.
Key information
- Check any financial firm using the FCA Firm Checker at fca.org.uk before handing over money or personal details
- Report suspected scams — unauthorised firms, misleading promotions and suspected fraud — directly to the FCA
- Common scam types flagged by the FCA include foreign exchange, contracts for difference and cryptoasset trading offers
Source: @TheFCA