FCA Postpones Policy Outline For Risky CFD Products
Law360, London (April 26, 2019, 3:04 PM BST) -- The Financial Conduct Authority said on Friday that it will postpone issuing guidance to U.K. financial institutions on its plans to permanently ban them from selling speculative derivatives products, which cost consumers up to £450 million ($581 million) in annual losses.
The FCA said that it will publish a policy statement and final rules during the summer on its permanent ban on the sale, marketing and distribution of contract for differences to retail customers. These products, known as CFDs, are a form of spreadbetting.
The City watchdog was initially due to pen the prohibition, which will also apply to other speculative products similar...
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