Financial expert taking Facebook to United Kingdom court over fake ads

Kristine Garrett | 23 April, 2018, 16:55

"I want you to stop allowing vulnerable people to be scammed". In a press release announcing the suit, binary trading is described as: "a financially unsafe, near-certain money-loser, which the regulator the Financial Conduct Authority (FCA) strongly warns against".

His legal action is significant not only because of the high degree of public attention it is likely to win, but because it shows him turning his sights against big technology firms. UK Health Minister Jeremy Hunt on Sunday accused Facebook, Snapchat, Twitter and others of "turning a blind eye" to children's mental health.

The Advertising Standards Authority has previously upheld Mr Lewis' complaints against adverts saying the promotions made it falsely appear as if the expert had endorsed the advertised services. The company who is the leader in facial recognition, when it's been put on notice by someone that there is a scam and that that person never does adverts, it is not beyond its wit and wisdom to notify me of these adverts, and ask if they are legitimate. So any advert with my name and face on it is fake.

"Facebook should not be running them".

This latest threat of legal action against Facebook comes as the tech firm's collection, use and storage of personal data remains under scrutiny.

'We are in direct contact with his team, offering to help and promptly investigating their requests, and only last week confirmed that several adverts and accounts that violated our advertising policies had been taken down'.

A Facebook spokesman said: 'We do not allow adverts which are misleading or false on Facebook and have explained to Martin Lewis he should report any adverts that infringe his rights and they will be removed'.

"I have to report them (the adverts)".

This online investment model, where investors bet on whether the value of an asset will be above or below a set price in the future, more often than not turns out to be a scam, costing United Kingdom investors over £87,000 a day, according to Action Fraud. If we are lucky it may take them down and then the next day the scammers launch another one and the onus is on me again.

Mr Lewis, writing on his blog on Monday, described the advertising as "disgusting".

Worse still, numerous ads reportedly link to articles that carry misleading information, thus causing Lewis reputational damage, he claims.

He said the legal action was the result of months of frustration with scammers piggybacking on his reputation and preying on Facebook users with get-rich-quick scams.

Facebook shares closed lower in the US Friday and amid the tumult the tech giant is experiencing, United Kingdom consumer finance guru Martin Lewis is set to be another thorn in its side. He is also a television presenter on The Martin Lewis Money Show.

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Financial expert taking Facebook to United Kingdom court over fake ads

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