📷 10 Unregulated Forex Brokers Have Been Added To UK FCA Warning List
📷 Read the full article here:
https://www.wikifx.com/en/newsdetail/202209131854637953.html
📷 Download the WikiFX App to get updated and more information.
https://wikifx.com/fil/download.html
#wikifx #wikifxph #forex #forexnews #forexupdate #forexph #forextrading #philippinesgram #pinoy #davao #adventurephilippines #manila #phillipines #mindanaom #philippines📷 #choosephilippines

With its newest expansion into Qatar, ICM.com, a UK-based FCA-regulated online Forex, commodities, and CFD broker, has bolstered its foothold in the Middle Eastern and North African (MENA) area.
The Qatar Financial Centre (QFC) has given the corporation permission to develop into the new country, according to the release. It has also opened a physical presence in Doha, Qatar's capital city.
Read more ➡️ICM.com Strengthens MENA Presence with Expansion into Qatar.

UPDATE - 14th March 2022: Added a response from Trading 212.
UPDATE - 15th March 2022: Added response from Trading 212. Inbound in specie transfers for ISA accounts enabled in 'test phase'. Finally some movement.

PREFACE

It has been generally accepted by the masses here in the UK that certain brokers will not allow a transfer of shares via re-registration of the security. Trading 212 for instance does not allow transfer of shares at all. Securities may only be liquidated then withdrawn as cash.
When transferring securities held a Trading 212 ISA to another ISA provider, accounts must also be liquidated and transferred as cash to the new provider as laid out in Trading 212's additional terms and conditions for ISA accounts:
4.5. Trading 212 can only facilitate incoming and outgoing cash ISA transfers and does not offer in specie (in the form of Investments) transfer services. Trading 212 will not be liable for any tax implications or other costs arising from cash ISA transfers.
SOURCE: https://www.trading212.com/legal-documentation/en/additional-terms-isa-before-02-03-2022.pdf
I didn't think this was particularly fair for the retail trader so I read up on FCA regulation and it would appear that they are inclined to agree with me...
​
​

FCA REGULATION

From the top then.
March 2019 - FCA publishes the Investment Platforms Market Study (IPMS) Final Report MS17/1.3 outlining potential avenues to increase competition and efficiency in the marketplace.
SOURCE: https://www.fca.org.uk/publication/market-studies/ms17-1-3.pdf
​
March 2019 - FCA publishes Consultation Paper CP19/12. The document requests feedback on proposed rules regarding 'Making Transfers Simpler'. One particular rule of interest is item 3.9:
the platform must offer consumers the choice of transferring units ‘in specie’,where the same investment fund is available in both the ceding and receiving platform for investment by the consumer
SOURCE: https://www.fca.org.uk/publication/consultation/cp19-12.pdf
​
December 2019 - FCA publishes Policy Statement PS19/29 'Making transfers simpler –feedback to CP19/12 and final rules'.
Right there in the summary, item 1.3:
Having considered the feedback we received, we have decided to implement the ruleswe consulted on without amendment.
​
And from item 1.25:
The new rules will come into force on 31 July 2020.
​
From page 2 of the annex:
Amendments to the Conduct of Business sourcebook (COBS)Insert the following new section, COBS 6.1H*, after COBS 6.1G*
SOURCE: https://www.fca.org.uk/publication/policy/ps19-29.pdf
​
From COBS 6.1H.3:
Where a client contacts a platform service provider in connection with a potential transfer of their investment which is, or includes, units, the platform service provider must provide the client with:
(1) the option of an in-specie transfer of units in an available scheme, provided there are no circumstances outside the control of either the ceding or the receiving platform which would prevent such transfer.
​
And note COBS 6.1H.6:
If a platform service provider is unable to give effect to all or part of a client’s transfer instructions, it must contact the client at the earliest opportunity to request further instructions.
​

Communications with Trading 212

After communicating the above to Trading 212, I received the following reply:
​
Hi there, REDACTED,
Thank you for reaching out on REDACTED via our live chat. I hope your week is going great so far!
We very much appreciate your time and raised questions regarding the transfers of shares. This is why I'd like to shed a bit more light with this email.
In the past year, transfers of shares were one of the most discussed topics among our clients. As the demand for this service grew, our team already began considering its future implementation.
Allow me to note that CP19/12 by the FCA (also known as the IMPS) was a Consultation document from 2019. Its aim was to discuss and propose measures to ease the process of moving clients' assets to another platform and improve competition in the sector. On the contrary, PS19/29 represents the Policy statement containing the feedback received from the consultation document CP19/12 (IMPS). While the PS19/29 document introduces the new set of rules for providers to offer such service if available, I'd like to note that in our Additional Terms for Stocks and Shares ISA, we have carefully noted in point 4.5 of "4. TransfeWithdrawal" the following:
4.5. Trading 212 can only facilitate incoming and outgoing cash ISA transfers and does not offer in specie (in the form of Investments) transfer services. Trading 212 will not be liable for any tax implications or other costs arising from cash ISA transfers.
On the contrary, 6.1H.6 of the PS19/29 Annex by the FCA states the following:
If a platform service provider is unable to give effect to all or part of a client’s transfer instructions, it must contact the client at the earliest opportunity to request further instructions.
While transfers of shares are not among our services at the moment, we have complied with all regulations set by the FCA and HMRC to inform our clients beforehand in our Terms and Conditions that such a feature is not supported on our platform. The Terms and Conditions are presented when an account is being created and any client can go through them during the account opening process and after.
I can understand the frustration that the lack of this service can cause, REDACTED, but I can assure you that our team has never taken for granted the clients' feedback. Our progress and improvement as a platform and services have always been majorly impacted by you - the clients.
Thank you for your time, REDACTED!
As soon as any updates are present regarding transfers of shares, we will inform you at the earliest convenience.
Yours sincerely,
REDACTED
-----------------------------------------------
​
My response to the above was as follows:
​
Good afternoon,Thank you very much for your reply and considered response.You cite 6.1H.6 of PS19/29. However it would seem that this clause is only to be considered when:
a platform service provider is unable to give effect to all or part of a client’s transfer instructions.
Since I have not given any transfer instruction, I would refer you to 6.1H.3 of the same document that states:
Where a client contacts a platform service provider in connection with a potential transfer of their investment which is, or includes, units, the platform service provider must provide the client with:
(1) the option of an in-specie transfer of units in an available scheme, provided there are no circumstances outside the control of either the ceding or the receiving platform which would prevent such transfer;
Therefor, are you able to inform me of the specific circumstances preventing Trading 212 from carrying out such an instruction?
I am aware of Trading 212's policy on not offering in-specie transfers however surely company policy does not overrule FCA regulation in this instance?
I appreciate your time and patience on this matter.
Kind regards,
REDACTED
-----------------------------------------------
​
UPDATE - 14th March 2022 - Response from Trading 212:
Hi REDACTED,
Thank you for getting back to us.
Please accept my apologies for the delayed response, as our workload has grown significantly in the past week.
We are aware of the PS19/29 guidance, and we believe that in-specie transfers are an essential part of democratising the investment process for retail clients.
That is why we are putting our best efforts to facilitate in-specie transfers as much as possible. We plan to gradually roll out in-specie transfers to certain groups of clients within the next few months.
We are committed to ensuring that in-specie transfers will be available to all clients in the future.
I hope this gives you more clarity about our current situation and short-term plans.
The team and I remain at your disposal.
Kind regards,
REDACTED
-----------------------------------------------
My response to the above:
Good evening,
Thank you for your reply.
I appreciate that Trading 212 may be working on this feature however users have been tolds this has been in the pipeline for many months now.
I would bring your attention to items 1.25 and 1.26 of PS19/29:
1.25 The new rules will come into force on 31 July 2020.
1.26 If your firm is affected by the final rules in this PS, you should consider what changes you need to make to ensure you have implemented necessary changes by this date.
Therefore I do not think this response is acceptable. You have not provided me with an explanation as to why Trading 212 is unable to process in specie transfers protected by FCA regulation since 31/07/2020.
Please address and satisfy these specific points. Otherwise I will feel compelled to file an official complaint with the FCA.
Kind regards,
REDACTED
-----------------------------------------------
UPDATE - 15th March 2022 - Response from Trading 212:
​
Hello REDACTED,
Thank you for your response.
To start with: thank you for your patience throughout this time. I absolutely understand your point and where you’re coming from. In-specie transfers were something that we developed and today, I’m excited to share that we’re launching the testing phase.
The info is also publicly available here, so anyone interested can sign up. We have done everything needed on our side, and the process will be smooth. But it will be highly appreciated if you decide to join the testing too and share your feedback afterwards.
To answer your question: The reason for our inability to process such transfers up until now was the technical means behind the feature that needed optimizing. We had to clarify the procedure flow with our intermediary IB and we had to develop our technical capabilities to be able to offer this as part of our services.
We look forward to hearing from you, REDACTED.
Thank you once again for your understanding!
Kind regards,
REDACTED
-----------------------------------------------
My response to the above:
Good morning,
Thank you for your timely reply.
I appreciate that this feature is being worked on and there may be difficulties in rolling it out. However, an inbound only test phase just for ISA accounts is not in line with FCA guidance.
As far as I understand it, the technology for making such transfers has existed for some time and the FCA guidance already discussed gave adequate time for market participants to ready their organisations.
Are you able to update the forum post to include inbound and outbound in specie transfers for Invest and ISA accounts for all clients?
I doubt you'll have a massive influx of transfers to deal with but you should then fall in line with FCA guidance.
Kind regards,REDACTED
-----------------------------------------------

Communications with the FCA

Upon asking the FCA whether brokers were beholden to these rules as expected, they replied with the following:
Dear REDACTED,
Thank you for contacting the Financial Conduct Authority (FCA) and bringing your concerns about the organisation Trading 212 UK Limited to our attention. I appreciate you would like further clarity on the FCA rules in relations to the transfer of shares to another brokerage company.
Our Rules
As the firm is regulated by us, we have rules and guidance in place which the firms are expected to follow. In relation to the information provided, I have been able to find our rules within COBS 6.1H which has further clarification on what firms are expected to do when platform switching. Additionally our rules in COBS 2.2 has further information about information disclosure expected from the firm.
Complaint’s process
If you feel the firm have been treating you unfairly and the firm have failed to disclose this information to you within your documentations and terms and conditions, then you may wish to go through the formal complaints process.
According to the complaints process, there is a statutory eight-week period for a firm to respond to your complaint. Payment Service Providers and e-money issuers must normally respond to certain types of complaint within 15 business days. After this has been exhausted, you may have the option to escalate the case with the Financial Ombudsman Service. The Financial Ombudsman Service have the authority to investigate individual cases and can mediate between yourself and the firms to see exactly what's happened and they can determine whether they can investigate it for you further.
Further Guidance
As we are not legally trained, there is an organisation called the Citizen Advice Service who may be able to provide some free legal advice and guidance.
The information you have provided to us has been logged against the firm for our wider supervisory team to be aware of. I hope the guidance provided above can assist you further, if you need any further guidance please do not hesitate to contact us.
Your reference number is REDACTED.
Yours sincerely,
REDACTED
-----------------------------------------------
Since the FCA has simply reiterated the rule in question and provided links for the proper complaints process, I take this as a nod that platforms should in fact be allowing in specie transfers of shares to any other platform that trades the same instrument/product.
I intend to follow up with Trading 212 this week and if I do not get a prompt reply with detailed reasoning as to why an in specie transfer is not possible then I will file an official complaint with the financial ombudsman service as advised by the FCA.

CONCLUSION

Forcing our brokers to allow in specie transfers would free up a huge swathe of GME shares that are currently unable to be DRSd without first being sold at the open market.
I implore you all to ask your broker why they are not allowing in specie transfers as protected by FCA regulation.
Please do discuss and poke holes in my research.
​
TA;DR: Potentially overlooked FCA regulations might force platforms that do not allow DRS, to allow transfers of GME to a platform that does allow DRS without liquidation. If true could allow a new wave of DRS.

FCA Targets More Forex & Binary Brokers

The FCA (Financial Conduct Authority) finally got around to updating its list of unregulated online trading brokers. This list includes both forex and binary options unregulated brokers. Despite the fact, these brokers supposedly offer numerous services they are located in financial havens such as Seychelles, the Marshall Islands or Vanuatu and provide little to no information as to who they really are, and which parent company operates them. So, without further ado let’s introduce these fraudulent companies

SolidCFD

Owned by LOK Marketing Ltd, this forex broker is supposedly located in Vanuatu, a tax haven for any illicit business. Apparently, SolidCFD appears to be forging a path for current forex brokers and others that would like to set up shop in the country, whose major exports are frozen fish and distinct floating edifices. However, upon further inspection, the SolidCFD has two other offices registered on their website.
The first is under the name MGNC Marketing Ltd. and it is located in Cyprus. A quick google search tells us all that we need to know. MGNC Marketing LTD (Solid CFD) cold-calls potential investors and offers them unauthorized or prohibited financial services. An additional address is attributed to an area in West London. However, upon further review, there is no real company located there. Unsurprisingly no company is registered in the UK under SolidCFD, LOK marketing or MGNC Marketing, which implies that the broker has no physical presence in the United Kingdom.
Furthermore, there is a whole list of negative reviews pertaining to SolidCFD. This includes clients being unable to withdraw their funds, aggressive salesmen and not being able to log back into an account once a withdrawal request is made.

StratX Markets

Registered in the Marshal Islands, the company supposedly has an office in North London. However, the address that is provided is used by a company that enables other companies to register their business under their address. This obviously implies that StratX has no workers at its given address.
Just by merely glancing at a few of the reviews tells you that StratX Markets is operated by a bunch of con-artists. In fact what is more alarming, a number of former clients are claiming that StratX personnel are operating a fraudulent fund recovery company called Linrow Clarion Solvency that claims they can recover money that was lost to illegitimate brokers like Stratx Markets.

Options Stars Global

Last but not least this “broker” is registered in Samoa, but apparently has some sort of a branch in Cyprus that is regulated by CySEC. That is patently false.
Additionally, although the website has a U.K. phone number none of their of operations occur in the country. Not only Are there plenty of negative reviews about them, there is a dedicated Facebook page against them
Users of the website report an inability to withdraw funds, threatening salesmen, and pushy brokers who tempt traders into depositing more cash into their accounts. The company has done so badly they even have a Facebook page against them.

Take Action

If you have fallen victim to a cryptocurrency scam, send a complaint to at [[email protected]](mailto:[email protected]), and we will do our very best to get into contact with you as soon as we can to initiate your funds recovery process.

UPDATE - 14th March 2022: Added a response from Trading 212.
UPDATE - 15th March 2022: Added response from Trading 212. Inbound in specie transfers for ISA accounts enabled in 'test phase'. Finally some movement.

PREFACE

It has been generally accepted by the masses here in the UK that certain brokers will not allow a transfer of shares via re-registration of the security. Trading 212 for instance does not allow transfer of shares at all. Securities may only be liquidated then withdrawn as cash.
When transferring securities held a Trading 212 ISA to another ISA provider, accounts must also be liquidated and transferred as cash to the new provider as laid out in Trading 212's additional terms and conditions for ISA accounts:
4.5. Trading 212 can only facilitate incoming and outgoing cash ISA transfers and does not offer in specie (in the form of Investments) transfer services. Trading 212 will not be liable for any tax implications or other costs arising from cash ISA transfers.
SOURCE: https://www.trading212.com/legal-documentation/en/additional-terms-isa-before-02-03-2022.pdf
I didn't think this was particularly fair for the retail trader so I read up on FCA regulation and it would appear that they are inclined to agree with me...
​
​

FCA REGULATION

From the top then.
March 2019 - FCA publishes the Investment Platforms Market Study (IPMS) Final Report MS17/1.3 outlining potential avenues to increase competition and efficiency in the marketplace.
SOURCE: https://www.fca.org.uk/publication/market-studies/ms17-1-3.pdf
​
March 2019 - FCA publishes Consultation Paper CP19/12. The document requests feedback on proposed rules regarding 'Making Transfers Simpler'. One particular rule of interest is item 3.9:
the platform must offer consumers the choice of transferring units ‘in specie’,where the same investment fund is available in both the ceding and receiving platform for investment by the consumer
SOURCE: https://www.fca.org.uk/publication/consultation/cp19-12.pdf
​
December 2019 - FCA publishes Policy Statement PS19/29 'Making transfers simpler –feedback to CP19/12 and final rules'.
Right there in the summary, item 1.3:
Having considered the feedback we received, we have decided to implement the ruleswe consulted on without amendment.
​
And from item 1.25:
The new rules will come into force on 31 July 2020.
​
From page 2 of the annex:
Amendments to the Conduct of Business sourcebook (COBS)Insert the following new section, COBS 6.1H*, after COBS 6.1G*
SOURCE: https://www.fca.org.uk/publication/policy/ps19-29.pdf
​
From COBS 6.1H.3:
Where a client contacts a platform service provider in connection with a potential transfer of their investment which is, or includes, units, the platform service provider must provide the client with:
(1) the option of an in-specie transfer of units in an available scheme, provided there are no circumstances outside the control of either the ceding or the receiving platform which would prevent such transfer.
​
And note COBS 6.1H.6:
If a platform service provider is unable to give effect to all or part of a client’s transfer instructions, it must contact the client at the earliest opportunity to request further instructions.
​

Communications with Trading 212

After communicating the above to Trading 212, I received the following reply:
​
Hi there, REDACTED,
Thank you for reaching out on REDACTED via our live chat. I hope your week is going great so far!
We very much appreciate your time and raised questions regarding the transfers of shares. This is why I'd like to shed a bit more light with this email.
In the past year, transfers of shares were one of the most discussed topics among our clients. As the demand for this service grew, our team already began considering its future implementation.
Allow me to note that CP19/12 by the FCA (also known as the IMPS) was a Consultation document from 2019. Its aim was to discuss and propose measures to ease the process of moving clients' assets to another platform and improve competition in the sector. On the contrary, PS19/29 represents the Policy statement containing the feedback received from the consultation document CP19/12 (IMPS). While the PS19/29 document introduces the new set of rules for providers to offer such service if available, I'd like to note that in our Additional Terms for Stocks and Shares ISA, we have carefully noted in point 4.5 of "4. TransfeWithdrawal" the following:
4.5. Trading 212 can only facilitate incoming and outgoing cash ISA transfers and does not offer in specie (in the form of Investments) transfer services. Trading 212 will not be liable for any tax implications or other costs arising from cash ISA transfers.
On the contrary, 6.1H.6 of the PS19/29 Annex by the FCA states the following:
If a platform service provider is unable to give effect to all or part of a client’s transfer instructions, it must contact the client at the earliest opportunity to request further instructions.
While transfers of shares are not among our services at the moment, we have complied with all regulations set by the FCA and HMRC to inform our clients beforehand in our Terms and Conditions that such a feature is not supported on our platform. The Terms and Conditions are presented when an account is being created and any client can go through them during the account opening process and after.
I can understand the frustration that the lack of this service can cause, REDACTED, but I can assure you that our team has never taken for granted the clients' feedback. Our progress and improvement as a platform and services have always been majorly impacted by you - the clients.
Thank you for your time, REDACTED!
As soon as any updates are present regarding transfers of shares, we will inform you at the earliest convenience.
Yours sincerely,
REDACTED
-----------------------------------------------
​
My response to the above was as follows:
​
Good afternoon,Thank you very much for your reply and considered response.You cite 6.1H.6 of PS19/29. However it would seem that this clause is only to be considered when:
a platform service provider is unable to give effect to all or part of a client’s transfer instructions.
Since I have not given any transfer instruction, I would refer you to 6.1H.3 of the same document that states:
Where a client contacts a platform service provider in connection with a potential transfer of their investment which is, or includes, units, the platform service provider must provide the client with:
(1) the option of an in-specie transfer of units in an available scheme, provided there are no circumstances outside the control of either the ceding or the receiving platform which would prevent such transfer;
Therefor, are you able to inform me of the specific circumstances preventing Trading 212 from carrying out such an instruction?
I am aware of Trading 212's policy on not offering in-specie transfers however surely company policy does not overrule FCA regulation in this instance?
I appreciate your time and patience on this matter.
Kind regards,
REDACTED
-----------------------------------------------
​
UPDATE - 14th March 2022 - Response from Trading 212:
Hi REDACTED,
Thank you for getting back to us.
Please accept my apologies for the delayed response, as our workload has grown significantly in the past week.
We are aware of the PS19/29 guidance, and we believe that in-specie transfers are an essential part of democratising the investment process for retail clients.
That is why we are putting our best efforts to facilitate in-specie transfers as much as possible. We plan to gradually roll out in-specie transfers to certain groups of clients within the next few months.
We are committed to ensuring that in-specie transfers will be available to all clients in the future.
I hope this gives you more clarity about our current situation and short-term plans.
The team and I remain at your disposal.
Kind regards,
REDACTED
-----------------------------------------------
My response to the above:
Good evening,
Thank you for your reply.
I appreciate that Trading 212 may be working on this feature however users have been tolds this has been in the pipeline for many months now.
I would bring your attention to items 1.25 and 1.26 of PS19/29:
1.25 The new rules will come into force on 31 July 2020.
1.26 If your firm is affected by the final rules in this PS, you should consider what changes you need to make to ensure you have implemented necessary changes by this date.
Therefore I do not think this response is acceptable. You have not provided me with an explanation as to why Trading 212 is unable to process in specie transfers protected by FCA regulation since 31/07/2020.
Please address and satisfy these specific points. Otherwise I will feel compelled to file an official complaint with the FCA.
Kind regards,
REDACTED
-----------------------------------------------
UPDATE - 15th March 2022 - Response from Trading 212:
​
Hello REDACTED,
Thank you for your response.
To start with: thank you for your patience throughout this time. I absolutely understand your point and where you’re coming from. In-specie transfers were something that we developed and today, I’m excited to share that we’re launching the testing phase.
The info is also publicly available here, so anyone interested can sign up. We have done everything needed on our side, and the process will be smooth. But it will be highly appreciated if you decide to join the testing too and share your feedback afterwards.
To answer your question: The reason for our inability to process such transfers up until now was the technical means behind the feature that needed optimizing. We had to clarify the procedure flow with our intermediary IB and we had to develop our technical capabilities to be able to offer this as part of our services.
We look forward to hearing from you, REDACTED.
Thank you once again for your understanding!
Kind regards,
REDACTED
-----------------------------------------------
My response to the above:
Good morning,
Thank you for your timely reply.
I appreciate that this feature is being worked on and there may be difficulties in rolling it out. However, an inbound only test phase just for ISA accounts is not in line with FCA guidance.
As far as I understand it, the technology for making such transfers has existed for some time and the FCA guidance already discussed gave adequate time for market participants to ready their organisations.
Are you able to update the forum post to include inbound and outbound in specie transfers for Invest and ISA accounts for all clients?
I doubt you'll have a massive influx of transfers to deal with but you should then fall in line with FCA guidance.
Kind regards,REDACTED
-----------------------------------------------

Communications with the FCA

Upon asking the FCA whether brokers were beholden to these rules as expected, they replied with the following:
Dear REDACTED,
Thank you for contacting the Financial Conduct Authority (FCA) and bringing your concerns about the organisation Trading 212 UK Limited to our attention. I appreciate you would like further clarity on the FCA rules in relations to the transfer of shares to another brokerage company.
Our Rules
As the firm is regulated by us, we have rules and guidance in place which the firms are expected to follow. In relation to the information provided, I have been able to find our rules within COBS 6.1H which has further clarification on what firms are expected to do when platform switching. Additionally our rules in COBS 2.2 has further information about information disclosure expected from the firm.
Complaint’s process
If you feel the firm have been treating you unfairly and the firm have failed to disclose this information to you within your documentations and terms and conditions, then you may wish to go through the formal complaints process.
According to the complaints process, there is a statutory eight-week period for a firm to respond to your complaint. Payment Service Providers and e-money issuers must normally respond to certain types of complaint within 15 business days. After this has been exhausted, you may have the option to escalate the case with the Financial Ombudsman Service. The Financial Ombudsman Service have the authority to investigate individual cases and can mediate between yourself and the firms to see exactly what's happened and they can determine whether they can investigate it for you further.
Further Guidance
As we are not legally trained, there is an organisation called the Citizen Advice Service who may be able to provide some free legal advice and guidance.
The information you have provided to us has been logged against the firm for our wider supervisory team to be aware of. I hope the guidance provided above can assist you further, if you need any further guidance please do not hesitate to contact us.
Your reference number is REDACTED.
Yours sincerely,
REDACTED
-----------------------------------------------
Since the FCA has simply reiterated the rule in question and provided links for the proper complaints process, I take this as a nod that platforms should in fact be allowing in specie transfers of shares to any other platform that trades the same instrument/product.
I intend to follow up with Trading 212 this week and if I do not get a prompt reply with detailed reasoning as to why an in specie transfer is not possible then I will file an official complaint with the financial ombudsman service as advised by the FCA.

CONCLUSION

Forcing our brokers to allow in specie transfers would free up a huge swathe of GME shares that are currently unable to be DRSd without first being sold at the open market.
I implore you all to ask your broker why they are not allowing in specie transfers as protected by FCA regulation.
Please do discuss and poke holes in my research.
​
TA;DR: Potentially overlooked FCA regulations might force platforms that do not allow DRS, to allow transfers of GME to a platform that does allow DRS without liquidation. If true could allow a new wave of DRS.

I have seen people said IFSC, Cysec etc are garbage, choose stronger regulatory body such as FCA regulated broker, what make them different ?

Hi, hoping some of you can provide some advice please (we are based in England):
Myself and two other individuals invested money with a friend he had known for years. He claimed he was making successful trades over the previous months/years and was now opening a fund. We all invested via bank transfer and the amounts vary (8-20k each). Needless to say, the current position is that he has lost it all.
He told us that the fund was registered with the FCA and we would give us regular updates which rarely happened, especially after the first 6 months. There have been close to zero transparency as to what actually happened with our money. As I understand it, any individual trading on the behalf of another is required to submit financial reports and abide by FCA guidelines?
At the very least I would like to know what has happened to our funds, if they were even invested, or used to pay off other investors that he previously taken money from and subsequently lost.
My question is what would the likelihood of a successful prosecution and/or return of our funds? Obviously he doesn't have the money to pay back right now, but could a court order could be imposed to regularly pay us back from his jon? Or am I way off the mark here?
Thanks.

https://fxnewsgroup.com/forex-news/regulatory/fca-stops-bdswiss-offering-cfds-to-uk-customers/