Facebook will pay a record-breaking five billion U.S. dollars fine to resolve a government probe into its privacy practices and will boost safeguards on user data, the U.S. Federal Trade Commission and the social media company said on Wednesday.

The FTC probe that resulted in the five billion U.S. dollars settlement uncovered a wide range of privacy issues. It was triggered last year by allegations that Facebook violated a 2012 consent decree by inappropriately sharing information belonging to 87 million users with the now-defunct British political consulting firm Cambridge Analytica. The consultancy's clients included U.S. President Donald Trump's 2016 election campaign.

The FTC voted 3-2 to adopt the settlement, which the three Republican commissioners called the settlement "a complete home run" that exceeded any possible court award. 

Both Democratic commissioners said it did not go far enough or required a large enough fine. The settlement requires court approval.

Republican FTC Chairman Joe Simons stressed the FTC's limited authority and desire to avoid a long court fight.

"Would it have been nice to get more, to get 10 billion U.S. dollars, instead of five billion U.S. dollars for example, to get greater restrictions on how Facebook collects uses and shares data?" he asked at a press conference. "We did not have those options. We cannot impose such things by our own fiat."

Democratic FTC Commissioner Rohit Chopra complained that the penalty provided "blanket immunity" for Facebook executives "and no real restraints on Facebook's business model" and does "not fix the core problems that led to these violations" or limit Facebook's ability to collect data.

Facebook confirmed it would pay the five billion U.S. dollars fine and said the settlement would provide "a comprehensive new framework for protecting people's privacy." Its shares closed about one percent higher.

Under the settlement, Facebook's board will create an independent privacy committee that removes "unfettered control by Facebook CEO Mark Zuckerberg over decisions affecting user privacy."

Facebook also agreed to exercise greater oversight over third-party apps, and said it was ending access to friend data for Microsoft Corp and Sony Corp.

The Republican FTC majority said the settlement "significantly diminishes Mr. Zuckerberg's power — something no government agency, anywhere in the world, has thus far accomplished."

Under the deal, Zuckerberg and other Facebook executives must sign quarterly certifications attesting to privacy practices. The FTC said a false certification could result in civil and criminal penalties.

Facebook also is barred from asking for email passwords to other services when consumers sign up. It is barred from using telephone numbers for advertising if they are obtained in a security feature like two-factor authentication. The company must also get user consent to use facial recognition data.

Facebook said it may find additional problems as it initiates a review of its systems and warned it will take longer to roll out updates.