The FCA questioned 44 CFD brokers to know the industry’s position.
100% of CFD brokers know the requirements and understand how they will be applied.
Since the deadline of 31 July for meeting the requirements of the UK’s Consumer Duty for products and services open for sale and renewal is approaching, only 61% of the contracts for differences (CFD) providers will fully comply with all the requirements. Overall, 91% of CFD providers believe they will meet all or most of the requirements. The figure is higher than the average of 86% when considering all other sectors.
The UK’s Financial Conduct Authority (FCA) has included 44 CFD brokers in the survey to understand how prepared the industry is for Consumer Duty requirements. In total, 1,230 companies across 17 sectors participated.
The CFD Industry Is Partly Prepared for Consumer Duty Rules
The report published by the FCA further detailed that 30% of CFD providers will meet most of the Consumer Duty requirements by the deadline. Another 2%of the companies believe they will comply with some requirements but will “have much work to do.” The Consumer Duty requirements do not apply to the remaining 7%.
Under the upcoming Consumer Duty requirements, companies must provide customers with products and services that meet their needs and offer fair value. Further, costumes must receive easy-to-understand communication and should get customer support when needed. These rules will be applied to products and services provided to retail and business-to-consumer customers.
Strong Awareness
Interestingly, the tightly-regulated CFD industry is highly aware of the Consumer Duty requirements, as 100% of the companies questioned by the regulator know the requirements and understand how they will be applied to their organization.
According to the report published by the FCA, 30% of the CFD industry participants ‘strongly agree’ that the long-term benefits of Consumer Duty will outweigh the short-term costs to their organization. Another 14 percent ‘tend to agree with this question, while 39 percent neither agree nor disagree. Seven percent of the CFD industry participants ‘tend to disagree’, five percent ‘strongly disagree’, and the remaining seven percent ‘don’t know’ about the long-term benefits over the short-term costs.
Furthermore, 91% of the CFD industry participants have adequate expertise to implement the Consumer Duty by the end of deadline in July, while 84% have sufficient resources.
Since the deadline of 31 July for meeting the requirements of the UK’s Consumer Duty for products and services open for sale and renewal is approaching, only 61% of the contracts for differences (CFD) providers will fully comply with all the requirements. Overall, 91% of CFD providers believe they will meet all or most of the requirements. The figure is higher than the average of 86% when considering all other sectors.
The UK’s Financial Conduct Authority (FCA) has included 44 CFD brokers in the survey to understand how prepared the industry is for Consumer Duty requirements. In total, 1,230 companies across 17 sectors participated.
The CFD Industry Is Partly Prepared for Consumer Duty Rules
The report published by the FCA further detailed that 30% of CFD providers will meet most of the Consumer Duty requirements by the deadline. Another 2%of the companies believe they will comply with some requirements but will “have much work to do.” The Consumer Duty requirements do not apply to the remaining 7%.
Under the upcoming Consumer Duty requirements, companies must provide customers with products and services that meet their needs and offer fair value. Further, costumes must receive easy-to-understand communication and should get customer support when needed. These rules will be applied to products and services provided to retail and business-to-consumer customers.
Strong Awareness
Interestingly, the tightly-regulated CFD industry is highly aware of the Consumer Duty requirements, as 100% of the companies questioned by the regulator know the requirements and understand how they will be applied to their organization.
According to the report published by the FCA, 30% of the CFD industry participants ‘strongly agree’ that the long-term benefits of Consumer Duty will outweigh the short-term costs to their organization. Another 14 percent ‘tend to agree with this question, while 39 percent neither agree nor disagree. Seven percent of the CFD industry participants ‘tend to disagree’, five percent ‘strongly disagree’, and the remaining seven percent ‘don’t know’ about the long-term benefits over the short-term costs.
Furthermore, 91% of the CFD industry participants have adequate expertise to implement the Consumer Duty by the end of deadline in July, while 84% have sufficient resources.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Capital.com Hits $1.2 Trillion in Client Trading Volumes, Sees 53% Surge
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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