Spread betting firms face sanction
The development follows an inspection of financial spread betting firms and contracts for difference (CFDs), which found that none of the four firms investigated were fully compliant with the MiFID (markets in financial instruments directive) regulations.
The Central Bank said that a number of firms had “a particularly low level of compliance”, while less serious breaches were found in others. It added that all relevant companies have been informed of the findings and that enforcement action could be taken in some cases. However, it also added that the process is still in its early stages and stressed that the imposition of fines has not been decided upon as yet.
