FCA warns on 94 unauthorised binary options traders
13 January 2018, 04:43 | Hattie Nash
The City regulator is cracking down on “binary options”LEON NEAL AFP GETTY IMAGES
The Financial Conduct Authority is investigating 94 firms which may be offering binary options in breach of new Mifid II rules.
The Financial Conduct Authority published a list of 94 firms on Friday that it believes are illegally selling risky investment products known as binary options without authorization, flexing its muscle after taking over regulation of the sector on January 3.
Action Fraud, which is part of the City of London Police, issued a similar warning past year.
On Friday, the United Kingdom financial services watchdog released a list of 94 companies, which it understands are offering binary options trading to United Kingdom consumers without proper authorisation.
The regulator said it compiled the list using information it had received from customers and other agencies and by monitoring the binary options markets. The FCA is examining each of these firms to determine whether any are genuinely operating from within the UK.
Although, numerous firms that appear on the register claim to be based in the United Kingdom, the FCA suspects that "most of the addresses they provide are false and that the firms are actually based overseas".
The chief City regulator has named 94 firms that it thinks may be illegally taking bets from United Kingdom investors and has threatened to prosecute them where it can.
Binary option consumers typically lose money, and these losses can be significant. The clients that have accounts to trade in the speculative instrument are not covered by any compensation not can complain to the Financial Ombudsman Service or the Financial Services Compensation Scheme in case of an adverse outcome.
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