A spokesperson for Meta said: "Meta has committed to introducing a new onboarding process this year which will require UK regulated financial services to be authorised by the FCA prior to serving financial services adverts on our platforms.
"Promoting financial scams is against our policies and we're dedicating significant resources to tackling this industry-wide issue on and off our platforms. To fight this, we work not just to detect and reject scam ads on our services, but also block advertisers.
"While no enforcement is perfect, we continue to invest in new technologies and methods to protect people on our service from these scams."
In an effort to fight online scams, Google has also offered the FCA $3m (£2.19m) worth of ad credits and pledged a further $2m (£1.46m) in credits to support industry scam awareness campaigns.
In the letters released on October 29 by the Treasury Committee, Facebook's now former content policy director, Allison Lucas, said the FCA had not raised the issue of refunding advertising spend, and “should it arise, we will liaise with the FCA on the best way forward”.
Back in January 2019, Meta did commit £3m to Citizens Advice to help the organisation set up a UK anti-online scams initiative, including a helpline.