FCA says Instagram and Facebook owner takes up to six weeks to act on warnings about finfluencer posts

The owner of Instagram and Facebook is the slowest social media company to take down content posted by finfluencers and fraudsters running financial scams, taking up to six weeks to respond to requests from the City watchdog.

Lucy Castledine, director of consumer investments at the Financial Conduct Authority (FCA), said that while the regulator has “reasonable powers” when identifying scammers, the takedown requests it sends to big tech companies are voluntary.

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