FCA Bans 4 Cypriot Firms Using Fake Celebrity Endorsements

Law360, London (June 1, 2020, 5:50 PM BST) -- Britain's finance watchdog said Monday it has barred four Cypriot investment firms from offering their products in the U.K. after they were caught using fake celebrity endorsements to flog risky investments costing British consumers £100,000 ($124,000) in losses.

The Financial Conduct Authority issued orders forcing four firms based in Cyprus to stop selling contracts for difference, a form of spread betting that allows investors to trade on swings in the price movements of securities, to U.K. customers.

The watchdog also took away the firms' passporting rights, which allow European Union firms to offer financial products to British customers, and vice versa....

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