Scam ads from flagged firms still running on social media

Consumer group Which? checked 300 firms recently added to the Financial Conduct Authority's warning list against the public advert libraries of Meta (Facebook, Instagram, WhatsApp, Threads), Google (YouTube) and TikTok. It found adverts from several of those firms still running, in some cases days or weeks after the FCA had already flagged them. X was not included in the research because it does not publish an ad library.

Two examples stand out. A site called privatemarketunlock[.]uk advertised alleged SpaceX investment opportunities on Meta platforms between 21 May and 8 June, without FCA authorisation. The FCA published its warning on 5 June, but the ads kept running on Facebook for a further three days, reaching 5,457 people in the UK before Meta disabled the account for breaching its own advertising standards.

The second is Coverfast, also trading as TempDrive. The FCA first warned about it in 2022 and updated that warning in late June this year, describing it as a clone firm impersonating genuine insurers in France and the UK. Its temporary vehicle insurance ads stopped appearing on Meta and TikTok in May, but were still showing up in Google search results as recently as 18 July. Two of its Meta ads had each reached more than 21,000 people. The site asks drivers to share their vehicle registration and upload an image of their licence, which raises obvious concerns if the firm turns out not to be who it claims.

Across the wider research, nine firms managed to keep advertising on at least one platform after being published on the FCA's warning list, some for weeks or months. Two were still active in Meta's ad library when Which? checked. When Which? contacted Meta's press office directly with evidence on two live ads, only one was removed; Meta did not respond on the other.

What this actually means for you

An advert appearing on a major platform is not a mark of legitimacy. It means the platform's automated checks and moderation did not catch it, not that the firm behind it is authorised to sell you an investment, an insurance policy or anything else regulated. The FCA's warning list exists because these firms have already been identified as operating without the permission they need. Being on that list does not switch their adverts off automatically, and the gap between a warning being published and an ad disappearing can run to days.

Meta told Which? it removed 159 million scam ads so far in 2026, with 92% taken down before anyone reported them. Google said it blocked or removed more than 602 million ads in 2025 and suspended over 4 million accounts for breaching its scam-ad policies. Those are large numbers against a very large volume of advertising, and they do not mean every scam ad gets caught before it reaches someone. Which? gave Meta its Shoddy Award for the third year running.

What to do

• Before acting on any investment, insurance or financial advert, regardless of where you saw it, check the firm against the FCA's register and warning list. Both are free and searchable online.
• Be wary of unusually cheap temporary insurance offers, especially sites that ask for your driving licence image or vehicle registration before you've confirmed they're authorised.
• If you spot a suspicious ad, report it through the platform's own reporting tool. Do this, but don't expect it to guarantee quick removal, reporting alone didn't remove every ad Which? flagged.
• If you think you've already dealt with an unauthorised or scam firm, report it to Action Fraud and contact your bank straight away.

What this does not fix

Parliament passed provisions in the Online Safety Act in 2023 specifically targeting fraudulent paid-for advertising, but they are still not in force. They're expected to take effect from some point next year. Once they do, Ofcom could fine non-compliant platforms up to £18 million or 10% of global revenue, whichever is greater. Meta has launched a judicial review arguing that any fine should be based on UK activity rather than global revenue, calling the proposed penalties disproportionate. None of this is resolved yet, so none of it is protecting you right now.

A VPN, including Veystrix's, hides your location and encrypts your connection. It does not vet adverts, it does not check whether a firm is FCA-authorised, and it cannot tell a convincing scam site from a genuine one. That verification step has to happen separately, on the regulator's own register, every time.