FCA Bans Cypriot Firm From Selling Risky Products In UK

Law360, London (May 26, 2021, 3:14 PM BST) -- Britain's finance watchdog said on Wednesday that it has banned a company based in Cyprus from providing regulated activities to U.K. investors after it offered speculative derivatives products through unauthorized companies in its group.

The Financial Conduct Agency said it has stopped ICC Intercertus Capital Ltd. from conducting any regulated or marketing activities in Britain. The City regulator said it acted after finding that the company, which was regulated in the U.K., sold high-risk contracts for differences from unregulated members of its parent group, Cypriot online broker EverFX, which were based overseas.

"The EverFX Group used the fact that ICC Intercertus...

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