1. · Since January 3rd , firms involved in binary options trading in the UK have been required to be authorised by the FCA. Firms that are not authorised by the FCA, and continue with binary options activities beyond that date, will be acting in breach of section 19 of the Financial Services and Markets Act (FSMA), which is a criminal offence 3. · Accordingly, firms that are currently authorised to offer binary options to retail clients should request a Variation of Permission (VoP) to remove this investment type or apply for a requirement to limit their permissions to offer these products to professional clients only as soon as practically possible. Next stepsEstimated Reading Time: 3 mins 1. 3. · From 3 January , firms offering binary options in or from the UK must be authorised by the FCA. What are binary options? Binary options allow a consumer to make a bet on the value or price of a stock, commodity, currency, index, or just about anything that is capable of Estimated Reading Time: 4 mins
FCA issues list of unauthorised binary options providers
Join now to receive first access to our EXCLUSIVE reports and updates. Screenshot of a breaking news alert e-mail from Q2 Please check your email to confirm your subscription Something went wrong We hate SPAM and promise to keep your email address safe The Financial Conduct Authority FCA has today published a list of 94 firms without FCA authorisation that it understands to be offering binary options trading to UK consumers.
Since January 3rdfca authorised binary options, firms involved in binary options trading in the UK have been required to be authorised by the FCA. Firms that are not authorised by the FCA, and continue with binary options activities beyond that date, will be acting in fca authorised binary options of section 19 of the Financial Services and Markets Act FSMAwhich is a criminal offence. This list is based upon information that the FCA has received from consumers, partner agencies and from monitoring the binary options market.
Many of these firms claim to be based in the UK but the FCA believes that most of the addresses they provide are false and that the firms are actually based overseas. The FCA is examining each of these firms to determine whether any are genuinely operating from within the UK. If they are, the FCA will consider taking enforcement action through the courts to stop their illegal activity.
Binary fca authorised binary options consumers typically lose money, and these losses can be significant. Any consumers who trade with an unauthorised binary options firm will not have access to the the Financial Ombudsman Service or Financial Services Compensation Scheme should things go wrong.
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8. · Who is Responsible for Regulating Binary Options Trades in the UK. Most trades in, from or to the UK fall under the auspices of the Financial Conduct Authority (FCA). However, when trades cross borders, external bodies can get involved, such as the Cyprus Securities and Exchange Commission (CySEC) blogger.comted Reading Time: 3 mins · How to protect yourself. Be wary of adverts online and on social media promising high returns from binary options trading. You should only deal with financial services firms that are authorised by us. As the sale of binary options to retail consumers is now banned, any firm offering binary options services is probably unauthorised or a blogger.comted Reading Time: 3 mins 1. · Since January 3rd , firms involved in binary options trading in the UK have been required to be authorised by the FCA. Firms that are not authorised by the FCA, and continue with binary options activities beyond that date, will be acting in breach of section 19 of the Financial Services and Markets Act (FSMA), which is a criminal offence
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