Response to FCA Consultation Paper
IG Group (“IG”, “the Company”), a global leader in online trading, notes today’s Consultation Paper issued by the FCA (CP 16/40 - Enhancing conduct of business rules for firms providing contract for difference products to retail clients).
IG firmly believes in robust and proportionate regulatory oversight of the CFD sector in the UK and Europe. The Company recognises that there are shortcomings in the approach to the marketing of CFDs and binaries by certain firms, often operating from outside the UK. The Company has operated and will continue to operate to the highest standards in the industry, and its initial view is that certain of the FCA proposals could enhance client outcomes.
The Company notes, however, that the FCA’s proposals do not appear to directly apply to firms operating from outside the UK offering CFDs and binaries to clients in the UK on a cross-border services passport from another EU member state.
IG will carefully consider the implications of the FCA Consultation Paper and the courses of action open to it, and will respond in accordance with the timeline provided of 7 March 2017.
For further information, please contact:
Head of Investor Relations and Corporate Affairs
020 7573 0026
Neil Doyle / Ed Berry
020 3727 1141 / 1046
IG is a global leader in online trading, providing fast and flexible access to over 10,000 financial markets – including shares, indices, forex, commodities and binaries.
Established in 1974 as the world’s first financial spread betting firm, IG’s aim is to become the default choice for active traders globally. It is an award-winning multi-platform trading company, the world’s No.1 provider of CFDs* and a global leader in forex, and it now offers an execution-only stockbroking service in the UK, Australia, Ireland, Germany, Austria and the Netherlands.
It is a member of the FTSE 250, with offices across Europe, Africa, Asia-Pacific, the Middle East and the US, where it offers limited risk derivatives contracts via the Nadex brand.
* Based on revenue excluding FX (from published financial statements, October 2016)