Scam ads from firms on the FCA warning list still running on Meta, Google and TikTok

What's happened

Firms that the Financial Conduct Authority (FCA) has publicly warned people about are still buying adverts on Facebook, Instagram, Google and TikTok, according to an investigation published by Which? on 7 October.

Which? checked 300 recent warnings on the FCA's Warning List against the public ad libraries run by Meta, Google and TikTok. It found nine firms that carried on advertising on at least one platform after the FCA had flagged them. Two were still running ads when researchers checked, even after Which? reported them through the platforms' in-app tools, and Meta removed only one of the two flagged ads.

One site, privatemarketunlock.uk, promoted alleged SpaceX investment opportunities on Meta between 21 May and 8 June 2026, reaching 5,457 UK users. The FCA published its warning on 5 June, but the ads ran for three more days. Another, a clone firm calling itself TempDrive or Coverfast and pretending to be a genuine insurance provider, has been on the FCA's radar since 2022. It turned up in all three ad libraries, with individual Meta ads reaching more than 21,000 people, and Google was still showing its ads in search results on 18 July 2026.

What the platforms and regulator say

Meta told Which?: "Determined criminals are using increasingly sophisticated tactics to evade detection on our platforms and across the internet." It said it removed 159 million scam ads in 2026, 92% of them before anyone reported them. Google said it suspends advertisers who break its policies, and that it blocked or removed 602 million ads and suspended 4 million accounts for scam-related violations in 2025. TikTok declined to comment.

The FCA said: "Tech firms must do more to stop fraudulent ads at source. They don't need to wait for Ofcom's new rules to come into force and should step up now." The scam ad duties in the Online Safety Act, passed in 2023, aren't expected to be enforced until 2027. Ofcom has proposed that platforms must proactively catch fraudulent advertisers, ban them and stop them opening new accounts, with fines of up to £18 million or 10% of global revenue, whichever is greater. Meta has launched a judicial review arguing fines should be based on UK revenue only.

Who's affected

• Anyone scrolling social media or searching online for investments, savings deals or insurance. A paid ad near the top of your feed or search results isn't proof a firm is genuine.
• Drivers shopping for cover. Clone insurance firms copy the names and details of real, authorised companies, so the name alone can look legitimate.
• Anyone tempted by "pre-IPO" or private-company shares, like the SpaceX ads Which? found.

Why the numbers matter: a worked example

The privatemarketunlock.uk ads ran for 19 days, from 21 May to 8 June, and reached 5,457 UK users. That's an average of about 287 people a day. If that pace held, the three days the ads stayed up after the FCA's warning could have put the scheme in front of roughly 860 more people. That's our estimate, as Which? didn't give a day-by-day breakdown.

Scale matters too. Meta says 92% of the 159 million scam ads it removed in 2026 were caught before users reported them. That means about 8%, or roughly 12.7 million ads, were only taken down after someone flagged them, so they may well have been seen first.

What to do now

1. Check before you invest or buy cover. Search the FCA Warning List and use its Firm Checker tool. The FCA says Firm Checker has been used more than 1.9 million times since it launched in January 2025.
2. Watch out for clones. If a firm appears on the FCA register, contact it using the phone number and website listed there, not the details in the advert.
3. Report suspicious ads using the platform's own reporting tools.
4. Call 159 if you think you've been scammed. It connects you to your bank's fraud team. Then report it to Action Fraud.
5. Secure your accounts. If you entered passwords or card details on a dodgy site, change those passwords and tell your bank or card provider.

Your questions answered

What is the FCA Warning List?

A list of firms the regulator believes are operating without authorisation or running scams. The FCA issued 2,329 such warnings in 2025, up from 2,240 in 2024.

Doesn't an advert on Facebook or Google mean the firm is checked?

No. Which?'s findings show firms on the Warning List can still get ads approved and keep them running after warnings are published.

When will the new Ofcom rules start?

The scam ad rules under the Online Safety Act are expected to be enforced sometime in 2027.

Ways to save

Good online security costs less than a scam. A password manager such as NordPass makes it easy to use a strong, different password on every site, so one leak doesn't open up all your accounts. Check its store page for current offers before you subscribe.

Sources: Which?, FCA

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