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Please do not trust the FCA

  • #21
  • Oct 6, 2015 8:36pm Oct 6, 2015 8:36pm
How's about CySec ? http://www.cysec.gov.cy/en-GB/entiti...firms/cypriot/
  • #22
  • Oct 7, 2015 1:59am Oct 7, 2015 1:59am
Quoting magicpips
Hi guys I am one of Alpari clients whose money was stuck in the account and at this moment no body talk to.Although I always put my faith on FCA regulation but this was a total balloon as well. So please guys if you are considering for a UK forex broker just because they're regulated by FCA ,think twice. MANY THANKS
That's why I always tell traders to NOT trade with only one broker but split deposit between several brokers. Regarding FCA if you're not from UK I doubt they can help you if broker goes bust.
  • #23
  • Edited 12:23pm Oct 7, 2015 5:00am | Edited 12:23pm
According to Warren - FSCS. *

phylo: I have deposited 25,000 in a UK regulated broker and accrued realised profits of 25,000 at the time of broker insolvency. As a client of a UK regulated broker am I covered for both deposit and realised profit or only the 25,000 deposit ?
Warren - FSCS: The full 50,000.
phylo: I have deposited 25,000 in a UK regulated broker and accrued unrealised profits of 25,000 at the time of broker insolvency. As a client of a UK regulated broker am I covered for both deposit and unrealised profit or only the 25,000 deposit ?
Warren - FSCS: The full 50,000.
phylo: Does the FSCS 50,000 investment compensation cover non UK citizens trading through UK FCA regulated brokers.
Warren - FSCS: Yes. All clients of UK regulated brokers are covered.

FSCS contact details

Edit: * This and other enquiries due to concerns regarding multiple accounts across multiple brokers. No losses incurred in the SNB incident. Merely related information of some use.
TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #24
  • Oct 7, 2015 8:12am Oct 7, 2015 8:12am
Unfortunately you have to trust someone at the end of the day, so you can't blame FCA for that and as many people said always divide your investments instead of going with just one broker.
  • #25
  • Dec 14, 2016 8:13am Dec 14, 2016 8:13am
Attached Image (click to enlarge)
Click to Enlarge Name: FCA Proposal.PNG Size: 129 KB
- http://www.financemagnates.com/forex...ex-cfds-firms/
TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #26
  • Dec 14, 2016 8:14am Dec 14, 2016 8:14am
Attached Image (click to enlarge)
Click to Enlarge Name: FCA Proposal Clients.PNG Size: 14 KB
- http://www.financemagnates.com/forex...influence-fca/
TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #27
  • Dec 14, 2016 8:34am Dec 14, 2016 8:34am
Attached Image
- https://www.fca.org.uk/cp16-40-response-form
TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #28
  • Edited Dec 15, 2016 12:35am Dec 14, 2016 11:27pm | Edited Dec 15, 2016 12:35am
Attached Image

  1. http://www.leaprate.com/2016/12/fca-...nsation-rules/
  2. https://www.fca.org.uk/publication/c...on/cp16-42.pdf

TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #29
  • Dec 15, 2016 2:34pm Dec 15, 2016 2:34pm
Quoting magicpips
Hi guys I am one of Alpari clients whose money was stuck in the account and at this moment no body talk to.Although I always put my faith on FCA regulation but this was a total balloon as well. So please guys if you are considering for a UK forex broker just because they're regulated by FCA ,think twice. MANY THANKS
Could there be more to this problem, am asking because the reason for the problem was not stated, neither how the issue was resolved. I think this might help us too.
  • #30
  • Dec 18, 2016 7:09am Dec 18, 2016 7:09am
Quoting magicpips
Hi guys I am one of Alpari clients whose money was stuck in the account and at this moment no body talk to.Although I always put my faith on FCA regulation but this was a total balloon as well. So please guys if you are considering for a UK forex broker just because they're regulated by FCA ,think twice. MANY THANKS
I told people many times FCA is not far from CySEC when it comes to helping traders to recover their funds back
Have you tried to complain to their financial ombudsman?
  • #31
  • Dec 19, 2016 1:50am Dec 19, 2016 1:50am
I only trust brokers that get withdrawal proofs from real traders. We can find many in FF.
  • #32
  • Dec 19, 2016 2:10am Dec 19, 2016 2:10am
Quoting Cobra
Agreed. Completely useless. Reasons: No proper feedback to clients They regulate but with seemingly no powers over KPMG
You were Big Fan of FCA. Now you realize what actual regulation is.
Never Gamble Forex
  • #33
  • Dec 19, 2016 4:48am Dec 19, 2016 4:48am
I am not having problems with Swissquote
  • #34
  • Dec 19, 2016 3:14pm Dec 19, 2016 3:14pm
Quoting peterkefx
I am not having problems with Swissquote
It is just for now. When it comes to bankruptcy or other force-major situation nobody knows will the company act fairly with their clients.
  • #35
  • Mar 19, 2017 5:57pm Mar 19, 2017 5:57pm

  1. Compensation is via UK FSCS not UK FCA
  2. A Broker's FCA regulations qualifies clients for compensation via FSCS and applies to all clients regardless of client domicile (country of residence).
  3. Once a company declares insolvency it takes mouths/years to wind up the company affairs and liquidate assets.
  4. Compensation can only take place at the end of the above process as liquidated assets are the first resource of compensation and FSCS second resource of compensation making up any shortfall.

TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #36
  • Mar 19, 2017 8:14pm Mar 19, 2017 8:14pm
Also the FCA regulates the firms it authorized, oversees them, does audits and so on, but its not their responsibility to deal with complaints from clients. You can complain at the ombudsman service or take the matter to court yoursself, but the FCA is the wrong organisation to adress the complaint.
  • #37
  • Jun 27, 2017 5:13pm Jun 27, 2017 5:13pm
Attached Image
https://www.leaprate.com/forex/broke...nds-shortfall/
TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #38
  • Jul 25, 2017 2:03pm Jul 25, 2017 2:03pm
Quoting neoxis
Don't be panic and follow the Alpari.co.uk discussion topic for all info. This topic is useless. Peace
FCA is mostly trust-able by the traders especially for the beginners when choosing a regulated broker; we need to more about information to blame this regulation. Not probable to consider this regulation as a scam by ones review.
  • #39
  • Jul 28, 2017 4:18pm Jul 28, 2017 4:18pm
Quoting MitchellMcC
{quote} FCA is mostly trust-able by the traders especially for the beginners when choosing a regulated broker; we need to more about information to blame this regulation. Not probable to consider this regulation as a scam by ones review.
Sounds good for the confident you have. By the way , which FCA broker have you used and what environment you for with security ? please share more about
  • #40
  • Sep 3, 2017 2:22pm Sep 3, 2017 2:22pm
I have also had a losing case with the FCA which I think was totally impartially treated by the FCA.
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