FXCM fined for for failing to treat its customers fairly | Currency Futures


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FXCM fined for for failing to treat its customers fairly

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London + UK
 
Trading Experience: Advanced
Platform: Proprietary Analytics
Broker/Data: Multiple broker + Multiple feed
Favorite Futures: Currently European and US equities
 
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Posts: 443 since Dec 2013
Thanks: 241 given, 225 received

Jason,

The settlement, is certainly a step towards addressing the problems here. In my opinion however is not a 'significant step' as Brian Callan (FXCM UK CE) is quoted as saying. The significant step in my view is providing restitution to your clients (which is a step you are noted as having started) and secondly to ensure practical internal steps to ensure higher standards are maintained in future for your clients.

As a potential customer I'm quite alarmed at reading this FCA statement, and it has damaged FXCM's reputation in my view. In my position as a commentator, potential client and as an investor, I would like to pose the following questions that I hope you can answer for me:

How have FXCM addressed the issue of transparency to the regulators since these issues were raised?

What steps have FXCM taken to improve handling of future conflicts of interest in line with their policy to treating customers fairly?

And finally, this issue has been quoted as occurring between 2006 and 2010 and normal conduct has been presented by your statement as occurring in 2013. In my opinion that shows signs of improvement without necessarily defining what has been changed/improved internally. I'm sure your clients would appreciate a statement of plain and simple apology given the moral failing to your customers during the 2006-2010 period (as has been quoted in this thread). Is that something that FXCM will extend?

Thanks.

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