The Financial Conduct Authority (FCA) warns that it has no power to stop scammers to advertise fraudulent investment opportunities on the internet and is requesting 10 Downing Street to step in and do something about it, FT Adviser reports.

Scam ads are all over the internet, including search engines like Google and social networks like Facebook, Instagram and even Twitter.

Andrew Bailey, outgoing chief executive of FCA, who has been appointed as the next governor of the Bank of England, has repeatedly insisted that internet search providers like Google should take down scam ads within 48 hours after being alerted.

“The FCA has no power to direct Google to stop advertising online scams and frauds nor does any other agency. This is why we strongly believe this should be covered in the Online Harms Bill”, commented FCA spokesman, cited by FT Adviser, who also added that ads for scam 'investments' often appear when users search for terms like 'high investment returns'.

The proposed Online Harms Bill, which aims to 'protect children and vulnerable adults from digital threats', was included in the government’s Queen’s Speech in December.