Cypriot firm banned from regulated business after clients stung by £100,000+ CFD losses

By Neasa MacErlean

A Cypriot-based firm operating in the UK under the Temporary Permissions Regime has been barred from carrying out regulated activities — as a result of offering contracts for differences to United Kingdom investors. Some 47 complaints have been received by the Financial Conduct Authority about the firm — highlighting its “misleading financial promotions” and the losses made by its retail investors who did not appreciate the risks they were taking.