UK watchdog warns social media companies over "dodgy" adverts that fuel fraud

FILE PHOTO: Social network words and social media logos are seen through magnifier displayed in this illustration taken, May 25, 2021. Picture taken May 25, 2021. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) - Social media firms must do more to stop advertising "dodgy financial promotions" that fuel a surge in fraud, Britain's Financial Conduct Authority said on Tuesday.

"We are putting them on notice that we expect them to be involved in the process of protecting the community," the FCA's head of enforcement Mark Steward told the watchdog's annual meeting.