Hi, do the United Kingdom: Financial Conduct Authority (FCA) protect traders who reside in other countries apart from the UK? For instance say I live in Spain, and my broker is only regulated by the United Kingdom: Financial Conduct Authority (FCA), will I be protected by the FCA or is the FCA only for those residing in the UK.
If the broker is regulated by the FCA and you have an issue they should be the ones responsible, regardless of your country of residence. Keep in mind that there is a difference between a broker being licenced and regulated by a certain authority.
For example a broker can be Registered and licenced to provide brokerage services by the UK (FCA), Germany (BaFin) and France (ACPR) but only regulated by Cyprus (CySEC). In which case if you have a problem with the broker - cysec is the place to go to.
Thanks very much for the info.
I use JAFX, they are not UK regulated(they are pending atm) but their liability partners are regulated and that amounts to the same thing.
Who has told you that?
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can anyone make sure with great detail regulated broker is always safe for their clients ?
I suppose the only way to know would be when a regulated broker goes bankrupt or has a something go seriously wrong in their dealings with traders, then we might see how the regulating body supports us.
Anyone had this happen to them yet?
It has been mentioned more than once in a very large trading group I am in.