The UK’s Financial Conduct Authority (FCA) has announced
plans to regulate binary trading after a rise in complaints
and reports of scamming.
FCA pledges to regulate binary options after scams
present, the UK Gambling Commission (UKGC) oversees regulation
of activity related to binary trading, but as of January 3,
2018, this responsibility will pass to the FCA.
FCA will authorise and supervise companies involved in this
sector, while individual complaints can be referred to the
Financial Ombudsman Service and consumers will have access to
the Financial Services Compensation Scheme.
the FCA has also warned that these protections will not
compensate for any losses from trading and advises consumers
to be “careful” and “consider whether the products are right
change in responsibilities comes after almost 700 people
reported losing a total of more than £18m (€20.1m/$23.6m) on
binary options scams in the first six months of this year,
according to the Reuters news agency.
month, police in London raided various offices in the English
capital as part of a broader crackdown on investment fraud.
wary if you are contacted out of the blue, pressured to invest
quickly or promised returns that sound too good to be true,”
the FCA said in a statement.
the FCA Register of financial services firms; if a firm does
not appear on the register and is not licensed by the Gambling
Commission then the best option is to not to trade with that
firm, transfer funds, or provide any banking details.
strongly advise you to get independent professional advice
before paying any money to a firm offering binary options.”
FCA has been pushing for stronger regulations over binary
options trading and contract for difference (CFD) products for
December, financial trading companies lost
almost £2bn in one day after the FCA
proposed a new set of rules for companies selling CFD products
to retail customers in an effort to improve standards across
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