Category: FCA UK REGULATED
Financial Conduct Authority (FCA) is a quasi-judicial body which regulates the financial services industry in the United Kingdom. This body is established to protect consumers, ensure the industry remains stable, promote healthy competition between financial services providers and to eliminate the threat of fraud so that the traders can use financial services with confidence. Some of the FCA regulated brokers are Boston Prime, IKON markets, Liquid Markets, etc. Getting an FCA license is a very lengthy and costly procedure but it highlights the broker and makes him reliable and trust worthy for the clients.
In April 2013 the FSA was split into two separate agencies – the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). The PRA will be in charge of overseeing larger financial organizations like banks and insurance companies, and forex brokers will be overseen by the FCA.
FCA gives confidence to the final clients to securing their rights. FCA regulated brokers can’t spend client’s money to cover their expenses. They must keep all clients funds in segregated accounts with bank, approved by FCA. If a FCA regulated broker go bankrupt, its clients are covered by the Financial Services Compensation Scheme (FSCS). Forex traders are entitled to receive 100% the first £30,000 + 90% of the next £20,000, but no more than £48,000 in total. A FCA broker is reliable and safe to trade with, and in case of any problem with registered FCA broker you can claim your rights.