Another Broker with a Ban on Operating in the UK – EverFX

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The UK financial regulator, Financial Conduct Authority (FCA), has taken action regarding Cyprus-based company ICC Intercertus Capital Ltd, whose brand name is EverFX. FCA has banned EverFX, from offering high-risk CFDs to British investors. ICC Intercertus and its brand EverFX have been regulated in the UK under the Temporary Permission Regime (TPR), introduced for companies that have worked in the United Kingdom and wish to continue to operate there after leaving the European Union. However, many consumers were subsequently encouraged to make transactions with overseas members of the EverFX Group, which were not allowed to provide regulated services in the UK because customers do not have the same level of protection.

The FCA has serious concerns about the EverFX Group’s sales and marketing practices, including the use of misleading financial promotions, failing to inform consumers about the nature and risks of CFDs, pushing them to invest additional funds, instructing clients how to trade, and preventing them to withdraw funds. This has led to some consumers losing significant amounts of money.

The regulator has stopped ICC Intercertus from carrying out any regulated or marketing activities in the UK and has ordered it to take all reasonable steps to stop other members of the EverFX Group from doing the same. It has also ordered the company to close all trading positions and return the money to customers.

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