Cyprus investment firm banned from UK over significant money losses
Limmasol-registered FXBFI Broker Financial Invest, which trades as ‘101investing has been struck off from doing UK business by the UK s Financial Conduct Authority as set out in a supervisory notice issued on 10 May.
The FCA said it had received 39 complaints or expressions of concern since September 2020 about the activities of FXBFI, which has has a temporary permission under the TPR, providing consumers with the ability to trade CFDs using an online platform, accessible through its website,www.101investing.com.
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These complaints increased infrequency in 2021, disclosing serious misconduct by FXBFI including the use of misleading financial promotions, failures to inform customers about the nature and risks of CFDs, applying pressure to invest additional funds and failing to allow customers to withdraw funds.