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IndustryCySEC issues warning against unauthorised brokers on 10 Nov, 2023

On 10 Nov, 2023 The Cyprus Securities and Exchange Commission (CySEC) issued warning against four unauthorised brokers. Here is the list of abusives websites. Have a look and beware. · stonexly.com · retailfx.net · ftmartzone.com · ctcapitaltraders.com CYSEC stated As per the provisions of Law 87 (1)/2017, the Cyprus Securities and Exchange Commission, also known as “CySEC,” wishes to notify investors that the websites listed below are not affiliated with any organisation that has been authorised to provide investment services or carry out investment activities. CySEC urges investors to consult its website (www.cysec.gov.cy), before conducting business with investment firms, in order to ascertain the enttities, which are licensed to provide investment services and/or investment activities.

WikiFX2023

2023-11-13 14:25

IndustryFCA UK Calls A Better Anti-Fraud System to Financial Firms

In a comprehensive review conducted by UK financial regulators, it has been strongly recommended that companies bolster their anti-fraud systems and enhance the support provided to individuals who have been deceived by fraudulent schemes. This call to action comes in the wake of a troubling report indicating that over 116,000 people were victims of authorized push payment (APP) fraud in the first half of 2023 alone, according to UK Finance's 2023 Half Year Fraud Update. Key findings from the review highlight several areas in need of immediate attention: Inadequate Fraud Detection Systems: Many firms need to significantly strengthen their mechanisms for detecting and preventing fraudulent activities. Consumer Outcomes Not Prioritized: The focus on delivering positive outcomes for consumers is insufficient across numerous firms. Subpar Victim Support: There is a clear need for firms to enhance the assistance they offer to fraud victims. Deficient Complaint Handling: The review criticized the lengthy response times to complaints, unclear and confusing decision letters, and in some cases, the use of accusatory language towards victims. Overlooking Customer Vulnerability: Firms often fail to fully consider the vulnerability characteristics of customers when addressing fraud claims and complaints.

WikiFX2022

2023-11-13 14:12

IndustryIs Sway Markets Reliable?

Sway Markets is an online broker offering trading services in forex, commodities, and cryptocurrencies. The company was established in 2022 and is headquartered in Australia. Sway Markets offers a diverse range of trading instruments, including forex, crypto, stocks, indices, commodities, and futures. This can be beneficial for traders who are looking to diversify their portfolios and take advantage of different market opportunities. Sway Markets is a regulated broker which is regulated by ASIC with a license number 001300469. On WikiFX, there is a comment section on the main page of certain brokers. registered investors can add their thoughts about the broker. WikiFX hasnt received exposures related to this broker yet. But we advise you to choose a broker with care.

WikiFX2022

2023-11-10 15:36

IndustryCFTC Seeks Public Comment on a Proposal on Investment of Customer Funds

The Commodity Futures Trading Commission issued, for public comment, a proposed rule on the Investment of Customer Funds by Futures Commission Merchants and Derivatives Clearing Organizations. The proposal would amend the Commission’s regulations governing the safeguarding and investment by futures commission merchants (FCMs) and derivatives clearing organizations of funds held for the benefit of customers engaging in futures, foreign futures, and cleared swaps transactions. The proposed amendments would specifically revise the list of permitted investments in Regulation 1.25 and introduce certain related changes and specifications. The proposed amendments would also eliminate the requirement in the Commission’s regulations that a depository holding customer funds must provide the Commission with read-only electronic access to such accounts for the FCM to treat the funds held in the accounts as customer segregated fund accounts.

WikiFX2022

2023-11-09 16:10

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