Financial Spread Betting Boss Unhappy With F.c.a. (update)

IG Group chief says Financial Conduct Authority's clampdown will drive customers away from UK providers

Clearly distressed – and who wouldn't be – by the 38.4 percent decline in his company's share price following the Financial Conduct Authority's announcement this week that it is to clampdown on financial (CFD) spread betting firms, IG Group chief executive Peter Hetherington has accused the Authority of mishandling the issue, not using its considerable powers in an even-handed manner, and creating a situation likely to drive customers away from the UK.
Leading UK-listed firms like IG Group, Plus500 and CMC bore the brunt of the market turmoil that followed the FCA announcement, with share prices plummeting in double digit declines.
Speaking to the Sunday Telegraph newspaper, Hetherington said that the clampdown will penalise the wrong firms, and has not been helpful in the sector. He predicted that the proposed imposition of stricter regulations will be counter-productive, because this will push traders/players to firms outside the UK that are beyond the regulator's reach, and will continue to offer higher leverage.
The IG Group chief also claimed that many of the problems flagged by the FCA were generated by smaller contracts for difference firms that, he alleged, were not supervised to the same degree as larger providers like his company.
"I'm putting that as tactfully as I possibly can," he observed, noting that the FCA has "considerable powers that they are not using" and suggesting that if the regulator used these powers "without fear or favour" there would not in any case be a problem.

Online Casino News Courtesy of Infopowa

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The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophography.
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