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IG lauds FCA's decision to postpone resolution on CFD restrictions

Jun 29 2017
By
Jonathan Smith

IG Group, a major global forex broker, issued a statement lauding the decision of UK's Financial Conduct Authority (FCA) to postpone its final resolution on the eventual introduction of restrictions on CFDs offered to retail clients.


Earlier on Thursday we reported that the FCA announced it will postpone its decision on the matter, in anticipation of the measures and possible product intervention in rolling spot forex, binary options and CFD products by the umbrella EU financial services regulator – the European Securities and Markets Authority (ESMA).


In a separate statement ESMA notes that the existing supervision and monitoring are not providing sufficient risk protection for retail clients and stricter measures are needed. Hence the regulator is considering the use of its product intervention rights under Article 40 of MiFIR in regards to the offering of CFDs, rolling spot forex and binary options to retail clients.


“IG has delivered a sustainable business for over 40 years”, IG said in its statement. “Key to achieving this has been IG's strategy of differentiation within the industry through its adherence to the highest regulatory standards and its focus on good outcomes for clients. The Company is therefore fully supportive of FCA and ESMA in their intentions to improve consumer outcomes across the industry and believes that consumers will benefit from the measures currently being discussed and from harmonisation of regulation. The Company also acknowledges the commercial benefit of having all participants in the industry operating on a level playing field.”


IG Group was established more than 40 years ago and was the first financial services provider in the UK to launch spread betting. It also offers trading in forex, CFDs, stocks, bonds and cryptocurrencies like Bitcoin. 

 

IG is regulated by UK’s Financial Conduct Authority (FCA), but its subsidiaries are also regulated by the relevant authorities in the countries where they operate (Australia, Japan, South Africa, UAE and Singapore). Besides, IG is listed on the LSE, and is a member of the FTSE 250.

 

 

TAGS: ig  fca  esma 

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