The FCA has fined Cypriot contract for differences (CFD) firm Forex TB Limited (FXTB) £276,100 for failing to treat its customers fairly, and for providing investment advice without being authorised to do so. |
CFDs are complex leveraged financial products used to speculate on the movement in prices on a wide range of assets. As a result, they carry a considerable risk of substantial losses. FXTB pressured customers to put their money at risk through CFD trading, even encouraging them to borrow money from friends or family in some cases.
Compounding these failings, FXTB frequently provided its customers with investment advice, despite not being authorised to do so. The FCA required FXTB to stop providing services to UK consumers on 12 April 2021. No business in the UK has been conducted by FXTB since this date. From 10 October 2023, FXTB no longer held any FCA permissions. Therese Chambers, joint Executive Director of Enforcement and Market Oversight at the FCA said: 'FXTB’s misconduct was particularly egregious since it relied on the exploitation of customers who, because of their inexperience, were particularly vulnerable. by intervening early in April 2021, we helped prevent further consumer losses.'
The FCA would have imposed a fine of £1.215m, however FXTB demonstrated that this would cause it serious financial hardship. |
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