I do think that advertising agencies face repercussions from the FTC for the development of deceptive advertising. I think there have already been a lot of instances where some companies have been fined and sued for false advertisements. Some of them are in the supplement industry that claim some products to have drug like effects.
I don't think that advertising agencies face any repercussions from the FTC for the development of deceptive advertising. Nearly all the advertising I see is deceptive in one way or another. I have never heard of an agency getting into trouble for this. I think it would have to be pretty severe for the FTC to take notice.
The FTC has its work cut out for it to go after most major ads as the proof that the ad is deceptive vs. that it is creative or provides insufficient waiver is difficult to establish. Many ads make subjective claims or claims of association that are not evidence of "deception".
While certain deceptive practices may garner repercussions from the FTC, there are many that do not. Most of the advertising we are subjected to is false or deceptive in one way or another. There are plenty of people in the country who could attest to that, especially when discussing phone contracts, Internet services, or cable providers.