Three FCA investigations into binary options firms are ongoing

Sourced from: https://financefeeds.com/three-fca-investigations-binary-options-firms-ongoing/

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  • Firstly, the continuing success of the FCA ScamSmart effort — more customers recognise potential investment scams and understand how to report them.
  • Secondly, the proliferation of deceptive online trading programs, normally based outside of the UK but targeting UK customers. These programs offer yields and fast trading. They use social media introduce themselves as a progression to gambling and to target traders.

FinanceFeeds –
Exterior of their FCA’s efforts to eliminate binary options fraud, the ruler opened a further 11 investigations throughout the calendar year so 20 in total. Of the matters which were not improved to analysis point, the FCA managed to solve a further 132, the vast majority of that have been completed through correspondence with all the unauthorised firm. The FCA printed 521 consumer alerts — the greatest in one season — in matters where resolution with an unauthorised firm was not possible.
While the vast majority of these entities were based beyond the FCA’s jurisdiction, many seemed to have some form of UK presence and the regulator then launched investigations into them. Three of those nine analyses are continuing, including one large multi-jurisdictional one where one of the key suspects was arrested.

The principles were introduced in response to concerns about the inherent dangers of these products, and the conduct of those firms selling them. This has resulted in consumer harm in the UK and globally through trading losses that were unexpected and large.

The regulator attributes this growth to two Major factors:
The FCA stated it continues to handle individuals and companies who try to carry on regulated activities without authorisation. Its own Unauthorised Business Department (UBD) received the maximum number of reports regarding potential unauthorised activity in one year in 2018/19 (16,600 received — 25% growth last year).
As a result of our customer education initiatives and proactive investigation work choices are no longer promoted to UK consumers.

All companies acting in or from the UK are prohibited from selling, marketing or distributing retail customers binary options.
Alternatives have been involved by Among the most widespread kinds of online trading fraud in the last several years, the FCA describes. Choices had been introduced within the FCA’s remit in January 2018 and soon after that the UBD embarked on a proactive item of work looking into over 200 unauthorised binary options trading companies.

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