Following EMSA “permanent temporary” measures against binary options and CFDs, the FCA implements its own set of limitations that simply forbids regulated houses to offer such product in the UK, hence increasing the risk of pushing retails traders towards illegal brokers and outright scams. Fortunately, a new recourse is now available to UK traders via a new United Kingdom Financial Ombudsman ruling.
More scrutiny from UK banks about financial transactions, even to binary options
In short, banks will have to take more responsibility about the financial transactions they facilitate. This new ruling should lead to the creation of a new code of conduct that will help defrauded people to have their funds restituted by their bank, unless it is proven they acted recklessly.
As FinanceFeeds puts, it, “It is likely that should a bank or credit card company be either impersonated by a fraudster in order to gain money, or trick a client into depositing, and the bank allows the transfer, a client will be able to take recourse via the Ombudsman and use this Santander case as a precedent”.
This broad protection should kick for many online scheme and scams, whether it is fake investment companies, scammy binary options brokers or those scammers who promise to help you recover your stolen funds… to steal from you once again. On the other hands, it means the banks will be more likely to forbid transactions to legit businesses, such as reputable crypto exchanges or honest smart options platforms.
How to report fraud in the UK?
Find all the details to contact the Ombudsman and file a complaint: