Binary options regulation in the UK to change from Jan 2018 but protection to remain limited

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The FCA also issued a warning on the growing popularity of cryptocurrency CFD investing, arguing that the activity carries a high level of risk for those engaged. The financial regulator will take charge over the regulation of binary options from January 3, Up until now, the activity has been regulated by the UK Gambling Commission.

Under the existing and rather fuzzy regulatory regime, binary options companies with equipment in the United Kingdom are required to obtain licenses from the gambling regulator. As from the beginning ofevery company in the field interested to provide its services in the UK will be regulated by the FCA and the regulatory body will monitor whether operators are observing the rules. The regulatory body also drew attention to the increasing cases of customers being scammed by brokers.

The uk gambling commission warn on binary options regulation common instances involve promises for higher returns for bets, customers being refused to uk gambling commission warn on binary options regulation returned funds, and brokers breaking contact with their customers. Cases of conflicts of interest have also been noted by the FCA as particularly frequent over the years. According to the FCA, a total of 2, people have reported binary options fraud in the five years since The regulator went on to say that the charges for CFDs with cyrptocurrencies as the base investment were considerably higher than those for other similar products, and to warn customers that they should consider the charges when looking to invest in order to avoid great financial losses.

In the UK, cryptocurrency CFDs are regulated namely by the FCAwhich means that CFD companies need to receive approval from the regulator in order to be able to operate in the country, and that customers can address it with complaints over potential fraud. Sunday, April 8, November 14, 2: Robert Johnson Robert Johnson is an experienced web author and blogger. He has over three years of experience as a freelance journalist and writer.

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By continuing to use this site you consent to the use of cookies on your device as described in our cookie policy unless you have disabled them. You can change your cookie settings at any time but parts of our site will not function correctly without them. The Financial Conduct Authority has issued a warning on binary options, saying the majority of consumers who invest in them lose money. From January the regulator will take over the regulation of binary options from the Gambling Commission as part of the introduction of Mifid II.

This means these firms will need to be authorised and supervised by the FCA, and individual complaints will be handled by the Financial Ombudsman Service and consumers will have access to the Financial Services Compensation Scheme. But the regulator has now sought to inform consumers that these investments are "high-risk" and "speculative". Binary options allow an investor to make a bet on the price of value of a stock, commodity, currency, index or anything capable of being measured in financial terms.

The time periods involved tend to be very short, ranging from between 30 seconds to five minutes. The FCA stated its data found the majority of consumers who invest in binary options lose money and find it hard to make sustained profits over a series of bets.

The City watchdog stated: The FCA has also pointed out that in most cases, the firm a consumer buys options from benefits when they lose. This means the firm's interest is in direct conflict with the consumer and increases the risk of poor conduct by firms offering these products. In the first six months of this year people reported having lost money to this type of fraud.

Binary options are currently regulated by the Gambling Commission but only if the firm has gambling equipment in the UK.

The FCA has also renewed its warning about cryptocurrencies, particularly contracts for difference using these as the underlying investment. Cryptocurrency CFDs allow investors to speculate on the change in a price of a virtual currency, like Bitcoin. Page 1 of 2 Previous Next. FCA authorisations crackdown sees success. FCA defends policing after watchdog criticisms.

FCA under fire from watchdog for failing to police firms.