FCA has stopped ICC Intercertus, a Cypriot firm operating under the TPR, from conducting any regulated or marketing activities in the UK. The firm’s wider group traded as “EverFX” and used the regulated firm’s status to convey legitimacy in offering high risk CFDs to UK consumers. However, in fact consumers were induced to transact with wholly unregulated firms.
FCA identified significant concerns with the group’s sales and marketing practices, including misleading promotions, failure to highlight risks, pressurising clients, instructing them which trades to make and not allowing them to withdraw funds.
FCA has told the firm to close all trading positions and return customers’ money and to take steps to ensure all members of its group cease activities targeted at the UK.