Dozens of firms on the Financial Conduct Authority (FCA) warning list have been found advertising on popular UK tech platforms, including Meta, Google, and TikTok. These firms reportedly promoted financial services such as investments and temporary insurance without the necessary FCA authorisation.
One website, privatemarketunlock.uk, advertised alleged investments in SpaceX on Meta platforms between 21 May and 8 June this year. The FCA published a warning about the firm on 5 June, but it reportedly continued to promote itself on Facebook for three more days. Its ads reached 5,457 people in the UK before Meta disabled them for not following advertising standards.
Coverfast, also known as TempDrive, was found advertising temporary car insurance on all three platforms despite an FCA warning first issued in 2022 and updated in late June this year. Its ads ceased on Meta and TikTok in May, but were reportedly still appearing on Google search results pages as recently as 18 July. Two of its Meta ads reached over 21,000 people each.
Some firms continued advertising on at least one platform even after being added to the FCA warning list, with some ads remaining active for weeks or months. Two such ads on Meta's library were reportedly still active when checked, promoting crypto trading and help with Covid bounceback loans.