FCA Bans Cypriot Firm Selling Risky Investments In UK
Law360, London (April 16, 2021, 6:12 PM BST) -- Britain's finance watchdog said Friday that it has banned a Cypriot investment firm from trading in the U.K. after finding it was using inappropriate techniques to sell high-risk financial products to investors.
The Financial Conduct Authority said it has intervened to stop the firm, called Finteractive Ltd., or FXVC, from carrying out any business in Britain. The watchdog has also ordered the company to close all of its existing trades with clients in the U.K and return all of their money.
The regulator found that the firm was selling high-risk contracts for difference — a form of spreadbetting that allows investors to...
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