FCA fines Cyprus trading company $355K for unfair customer treatment
By 
Aaron Nicodemus2024-08-14T17:44:00
The U.K. Financial Conduct Authority (FCA) fined a Cyprus-based trading company more than 276,000 pounds (U.S. $354,000) for unfair customer treatment and providing unauthorized investment advice.
Forex TB Limited (FXTB), which sold complex leveraged financial products called contract for difference (CFD) to inexperienced investors, was prohibited from providing services in the U.K. in April 2021 and lost all permissions in October 2023, the FCA said in a press release Wednesday.
When FXTB, which also traded as Patron FX, serviced U.K. clients, the firms failed to treat customers fairly, and provided investment advice when they were not authorized to do so, the FCA alleged.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
PremiumQ&A: Hellenic Bank CCO on progress made to fight corruption in Cyprus
Maria Aristidou Demetriou, chief compliance officer at Cyprus-based Hellenic Bank, spoke to Compliance Week about derisking in the Cypriot banking sector since Russian’s invasion of Ukraine and efforts to combat corruption, money laundering, and sanctions evasion.
-
PremiumInside Cyprus’ efforts to stem money laundering and sanctions evasion
Are there success stories in the international fight against money laundering and sanctions evasion? The island nation of Cyprus is making its case.
-
News BriefStarling Bank fined $38.5M for repeatedly onboarding high-risk customers
The U.K.’s Financial Conduct Authority fined Starling Bank, Britain’s first digital bank, nearly 29 million pounds (U.S. $38.5 million) for repeated failures related to onboarding high-risk customers.
More from Regulatory Enforcement
-
ArticleSFO head to step down as speculation grows over future of agency
Nick Ephgrave, director of the U.K.’s main anti-corruption enforcement agency, the Serious Fraud Office, will retire at the end of March—about halfway through his appointed five-year term. Experts say he leaves the agency in a lot better position than he joined it in September 2023.
-
News BriefFTC puts GM’s puts connected vehicle data practices under compliance spotlight
The U.S. Federal Trade Commission finalized its order against General Motors and its OnStar subsidiary over the improper usage of geolocation and driving behavior data of drivers.
-
ArticleKaiser plans pay $556M to settle Medicare upcoding allegations
Kaiser Health affiliates have agreed to pay more than $556 million to settle allegations originally made by whistleblowers that they ignored compliance department warnings and unlawfully reworked diagnoses for Medicare patients in order to receive higher payments from the federal government.