Pharaoh
Brigadier General
- Messages
- 20,304
Too bad most bad brokers are owned by companies which are owned by other companies which are owned by other companies. Although corporate details at all levels should be disclosed, being "owned by a company" should be no excuse for not disclosing the people behind the curtain.
There are also the "multi-brokers" to be addressed. Some are legitimately registered as separate entities in separate jurisdictions (for example, more than one US based broker also has a .uk branch as a separate company regulated by the UK FCA). The issue is that there are unethical brokers which let clients register on a website proudly displaying UK or Cyprus registration, and then dump the clients into a totally unregulated "separate company" registered on an island somewhere.
There are also the "multi-brokers" to be addressed. Some are legitimately registered as separate entities in separate jurisdictions (for example, more than one US based broker also has a .uk branch as a separate company regulated by the UK FCA). The issue is that there are unethical brokers which let clients register on a website proudly displaying UK or Cyprus registration, and then dump the clients into a totally unregulated "separate company" registered on an island somewhere.