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Click this link to view our Modern Slave Act. If any trader is not satisfied with the level of service, or if investors believe they are being scammed by a broker, the FCA recommends the services of a financial Ombudsman or approaching the court for finding an amicable resolution.
The FCA does not personally get involved in any conflict between a company and its client, but the FCA will investigate any instances of fraud or consumer abuse.
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If found guilty, the FCA will revoke the licenses and issue hefty fines to the perpetrators, and can even permanently ban the broker from operating in the UK. The FCA has an excellent online database that provides a vast amount of information on regulated brokers, new scams findings, financial malpractices, and other relevant data that can help the investor to learn more about a company before investing. The FCA has been granted immense powers by the UK Government to bring businesses in line with the existing rules and framework, and as an independent agency, the FCA actively seeks out financial scams to deter companies from committing any offense.
The FCA also has strict rules regarding price manipulation, platform tampering, and conflicts of interests with its clients. Therefore, most existing Forex brokers regulated by the FCA tend to stick to ethical brokerage practices and are less prone to financial scams such as price manipulation and platform rigging. The FCA is a non-profit organization that does not use taxpayer money for its operations.
The FCA is funded entirely through membership fees, and it answers to the UK Parliament regarding its regulatory framework.
FCA Forex Brokers and the UK Regulation
Being a fully autonomous agency, the FCA works for a trader, rather than against him. The FCA follows several procedures to increase the trust and confidence among investors. It so happens that many brokers claim to be based out of the UK, but to ensure the authenticity of such brokers, the FCA recommends traders to verify the authenticity of FCA regulation personally. FCA regulatory verification can be done by performing a quick search on the online FCA database to check whether the FCA number matches the description provided by the broker. Find out more. Authorised Persons — shall mean any individuals, as listed on the Company registration form, that are approved by the Client to conduct Transactions on behalf of The Client.
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Authorised Persons may be amended in writing by the Client, addressed to the Company, at any time. Confirmation — shall mean the document issued by the Company to the Client recording the principal commercial terms of a Transaction. Forward Transaction —means a Transaction for which a sale and purchase rate of exchange is agreed on a particular date and for which the Settlement Date is a date falling more than two Working Days after the date the Transaction is agreed.
Initial Margin — shall mean the amount required by the Company in respect of each new Forward Transaction in accordance with Section 6 of these Terms and Conditions. Margin Call — shall mean amounts required to be paid by the Client to the Company in respect of a Forward Transaction in advance of its Settlement Date in accordance with Section 6 of the Terms and Conditions.
Segregated Client Account — shall mean an account opened by the Company in the name of the Client and for the sole use of the Client in which currencies purchased can be held until instructions are received to pay monies away. Settlement Date — shall mean the agreed date on which the Client will ensure cleared funds have been paid to the Company and the day on which the Company, having received cleared funds, will arrange to pay foreign currency to the Client or its designated account. Spot Transaction — means a Transaction for which the Settlement Date is two Working Days after the Transaction is agreed or such earlier date as the Company may, in its discretion and in accordance with the practice of the London Foreign Exchange market, agree.
TRADING ACCOUNTS
Changes to our Terms and Conditions The Company may change these terms and conditions from time to time, for example in order to comply with changes to the law or due to changes in market conditions. The Service 1. Client Representations and Undertakings 2.
Client Instructions 3.