Page 47 - 期貨和衍生品行業(yè)監(jiān)管動態(tài)（2024年8月刊）

期貨和衍生品行業(yè)監(jiān)管動態(tài)

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.

FXTB’s customers were inexperienced in trading and did not always understand

the risks associated with CFDs, which were also not fully explained to them. FXTB

also enabled customers to become ‘Professional Clients’ by encouraging them to

provide false information. This meant these consumers lost the protections that as

‘retail clients’ they would have had.

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.

https://www.fca.org.uk/news/press-releases/fca-fines-fxtb-unfair-customer-treatment-

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