The application to appeal has been refused in the case of FCA v 24 Hr Trading Academy.
In this case, the High Court had held that 24 Hr Trading Academy had beached the regulated activities and financial promotion prohibitions. The firm entered into contracts with its customers to provide “signals”, and sent them WhatsApp messages with details of CFDs it thought to be advantageous.
The High Court found the firm had been carrying on the regulated activities of arranging and advising without authorisation and also that it had breached the financial promotion restriction because its activity was an active promotion. It also found a senior individual was knowingly concerned in the contravention and imposed a restitution order of over £500,000.
The firm appealed, but leave to appeal has now been refused.