FCA Slaps Permanent Ban On Sale Of Risky Binary Options

Law360, London (March 29, 2019, 12:43 PM GMT) -- British companies are being permanently barred from selling a speculative derivatives product, the Financial Conduct Authority said Friday, as it seeks to save retail consumers up to £17 million ($22 million) a year and stamp out poor conduct at firms that sell them.

The City watchdog has permanently banned online trading companies from selling, marketing or distributing binary options to retail consumers. The FCA hopes the rule, which takes effect on Tuesday, will tackle concerns in the market about risks consumers face when they invest in the risky products.

The FCA also wants to root out the poor conduct, including aggressive marketing...

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