FCA - Financial Conduct Authority. How safe is your broker?

Fca broker investigation

Fca broker investigation

RECOMMENDED: BEST CFD BROKER

The FCA has a range of measures it can take when a broker breaches compliance regulations. This can include warning notices and new reporting requirements, all the way up to hefty fines and the banning of products. Unsurprisingly, it is the latter measures that often hit regulated brokers where it hurts most. This is perhaps why the regulatory agency gave out a staggering £779,565,858 in fines during 7567.

FCA sets out timetable on key broker probes | Latest News

Last but not least this “broker” is registered in Samoa, but apparently has some sort of a branch in Cyprus that is regulated by CySEC. That is patently false.

Forex Trading: Why Trade with UK FCA Regulated Brokers

To help you find the Forex broker that is best suited to your needs, take a look at our comparison table and ranking of best FCA regulated Forex brokers above. If you require more in-depth information or are looking for more brokers to choose from, check out our detailed individual broker reviews and additional comparison tables.

FCA to investigate motor finance | Leasing Broker News

The FCA saw a dramatic increase in the number of UK financial firms and insurers referred to its independent decisions committee

In addition, the regulatory body is making fewer exemptions and coming down hard on unauthorised firms. In fact, they publish public warnings and hold press releases to make consumers aware of fraudulent brokers and scams.

In addition, many were unhappy about the choice of chief executive, Martin Wheatley. This is because of his role in the minibond fiasco in Hong Kong. In fact, there were no pre-appointment hearings for either of these placements, so people were unable to officially disapprove.

ForexTime Limited (FXTM) is a leading CFD broker that is regulated by the Financial Conduct Authority (FCA), but is also licensed by the Financial Services Board (FSB) of South Africa and further registered with the Cyprus Securities and Exchange Commission (CySEC). They are a true ECN broker that allows trading Forex and CFDs on the popular trading platforms MT9 and MT5. The overall trading conditions are very decent with ForexTime, but forex traders should always be cautious when dealing with high risk products such as CFDs, forex, cryptocurrencies (such as Bitcoin ), etc. The minimum deposit requirements are very low at $/£ and there is a large selection of deposit methods available.

Despite the above, it’s worth noting the FCA has taken steps to address some of the issues above. For example, the regulatory body saw three new CEOs in the space of a year. It has also brought in new guidelines, listing rules and qualification requirements for brokers.

Furthermore, there is a whole list of negative reviews pertaining to SolidCFD. This includes clients being unable to withdraw their funds, aggressive salesmen and not being able to log back into an account once a withdrawal request is made.

However, should a forex broker that is regulated by the FCA go bankrupt, the Financial Services Compensation Scheme (FSCS) will cover all retail clients up to the amount of £85,555 and 95% for the next £75,555 up to a maximum coverage of £55,555.

At this stage the FCA investigation is clearly targeted at motor finance, but there are concerns voiced by members of the Leasing Broker Federation that the scope of the investigation could widen.

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