High-risk trading fraud warning


Manage episode 197411800 series 1301226
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The FCA is warning about a form of online high-risk trading which some firms are illegally offering in the UK. Binary options trading involves betting on whether anything that can be measured in financial terms, like a currency or share index, will rise or fall below a specified price at a certain time. The FCA began regulating last month which means it's now illegal to sell those trades in the UK without its authorisation. Money Box listener Penny lost nearly £17,000 with an unauthorised firm but what can the FCA do in future to protect people like Penny? Christopher Woolard FCA Director of Strategy and Competition explains. The Department of Work and Pensions has confirmed that all Personal Independence Payment (PIP) claims will be reviewed. It follows a Government decision not to challenge a court ruling that said changes to PIP were unfair to people with mental health conditions. Guest Paul Farmer, Chief Executive of the mental health charity Mind. Interest-only mortgage holders are being urged to contact their lenders after a financial regulator review found too many people avoid planning how they intend to clear the underlying debt when the mortgage ends. It comes as Bank of England figures show December mortgage approvals reached a three year low. Why? Guests: Jane King, Independent Financial Adviser with Ash-Ridge Private Finance and Samuel Tombs, Chief UK Economist at Pantheon Macroeconomics. Presenter: Paul Lewis Producer: Charmaine Cozier Editor: Jim Frank.

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