In the last year Facebook has come under intense pressure over some of its business practices, following the Cambridge Analytica scandal, a series of data breaches and concerns over fake news and other content on the site.
The committee’s final report into disinformation and fake news also said electoral law was “not fit for purpose” and should be updated to reflect the move to “microtargeted” online political campaigning.
They called for a comprehensive review of the current rules and regulations surrounding political work during elections and referenda, and separately urged the government to put pressure on social media companies to publicise instances of disinformation.
Ministers were also asked to reveal how many investigations are being carried out into Russian interference in UK politics.
The government is expected to publish a white paper later this year on proposals to reform laws to make the internet and social media safer.
Tory MP and committee chairman Damian Collins said: “Democracy is at risk from the malicious and relentless targeting of citizens with disinformation and personalised ‘dark adverts’ from unidentifiable sources, delivered through the major social media platforms we use every day. Much of this is directed from agencies working in foreign countries, including Russia.
“The big tech companies are failing in the duty of care they owe to their users to act against harmful content, and to respect their data privacy rights.
“Companies like Facebook exercise massive market power which enables them to make money by bullying the smaller technology companies and developers who rely on this platform to reach their customers.
“These are issues that the major tech companies are well aware of, yet continually fail to address. The guiding principle of the ‘move fast and break things’ culture often seems to be that it is better to apologise than ask permission.
“We need a radical shift in the balance of power between the platforms and the people. The age of inadequate self-regulation must come to an end. The rights of the citizen need to be established in statute, by requiring the tech companies to adhere to a code of conduct written into law by Parliament, and overseen by an independent regulator.”