In the United States, the Federal Trade Commission's (FTC) Bureau of Consumer Protection is the governmental watchdog for consumer abuse from advertising and marketing (among many other concerns).
In case anyone is thinking the FTC is sticking its nose where it doesn't belong, the article doesn't illustrate that. It seems like the FTC basically came in and asked Apple "What's going on here?" All was apparently well when Apple doubled down on their position after that FTC meeting.
The FTC’s principal purpose is consumer protection and preventing unfair/deceptive business practices. Facebook isn’t a consumer and Facebook’s principal business is antithetical to the FTC’s mission. So while they certainly have jurisdiction over advertising they really ought not be acting on behalf of facebook in any meaningful way. Even to the extent consumer interests align with facebooks (I’m skeptical) the appearance of impropriety by having this meeting far outweighs any potential consumer benefit.