The UK financial regulator, Financial Conduct Authority (FCA), has posted a notice regarding Cyprus-based FXBFI Broker Financial Invest Ltd, trading as 101investing. FXBFI provides consumers with the ability to trade CFDs using an online platform, accessible through its website, www.101investing.com.
Since September 2020, the FCA has received nearly 40 complaints or concerns about the activities of FXBFI. In addition, the frequency of complaints has increased significantly in 2021. The complaints revealed a serious breach by FXBFI including the use of misleading financial promotions, failure to inform customers of the nature and risks of CFDs, applying pressure to invest additional funds and failing to allow customers to withdraw funds. Some customers have lost very substantial sums of money.
The FCA considers that the continuing provision of regulated activities by FXBFI to UK consumers presents unacceptable risks. The FCA has decided to impose a set of requirements on FXBFI with immediate effect. FXBFI must not conduct any regulated activities with, or in respect of, any client who is resident in the United Kingdom. FXBFI must not conduct any marketing activity to persons resident in the United Kingdom.