en.wikipedia.org/wiki/Foreign_exchange_market
1 correction found
A number of the foreign exchange brokers operate from the UK under Financial Services Authority regulations
This is outdated: the UK Financial Services Authority (FSA) was abolished in 2013. UK forex brokers are now regulated under the Financial Conduct Authority (and, where relevant, the Prudential Regulation Authority), not the FSA.
Full reasoning
The claim is incorrect because the Financial Services Authority (FSA) no longer exists.
Official FCA materials state that the FCA "was established on 1 April 2013, taking over conduct and relevant prudential regulation from the Financial Services Authority (FSA)". Another FCA page says explicitly that "The FSA will be replaced by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) on 1 April 2013."
So, while the sentence may have been true historically before April 2013, it is false as a present-tense description of how UK forex brokers are regulated now. The current UK regulators are the FCA and, for some firms, the PRA.
2 sources
- About the FCA | FCA
We were established on 1 April 2013, taking over conduct and relevant prudential regulation from the Financial Services Authority (FSA).
- The FSA and the Bank of England relax the barriers to entry for new bank entrants | FCA
The FSA will be replaced by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) on 1 April 2013.