FCA Flags Unregulated Binary Options Broker Operating Under Several Names

The United Kingdom’s Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) today shed light on an unregulated ‎binary options broker representing itself under several barnds, which have been providing professional ‎investment services to UK residents without regulatory permission.‎

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The watchdog warned that Plusoption has no association whatsoever with any FCA-licensed entity and added that it was flagged for operating and targeting UK citizens without a license.

Plusoption operates through www.plusoption.com and has adopted several affiliated brands including Redfield Markets, Tradeplus Solutions Ltd and ACV Operations S.R.L. The FCA warns that this is a typical move for a scam company to gain the trust of unsuspecting clients.

The FCA has been quite active in policing binary options and in addition to regular warnings, it published in January a list of 94 firms that offer trading to UK consumers without authorisation.

In line with practices across most of the EU, the FCA has brought certain types of binary options within its regulatory perimeter alongside the implementation of the MiFID II, which came into force since January 3, 2018.

The regulator maintains a blacklist of binary option brokers based upon information received from consumers, partner agencies and from monitoring the online market.

The FCA is not the only government agency to move against binary options. In what UK police have described as the biggest operation of its kind, officers swooped on the offices of 20 binary options brokers in order to review their Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term documents and gather intelligence on different types of investment fraud.

The watchdog’s research in this area found the majority of consumers who invest in binary options lose money and that investors lost an average of £87,410 per day over the course of 2017.