Do i need FSA license????

[tradebox]

Hi guys,

I really need some advise here. :whistling

we have developed a mirror trading website. any trader register and update its account on real time on our website. people check these public performances and can mirror these trades in their account. in other word, we are technology provider and not advisong on investment. we want to introduce clients to brokers either inside UK or ourside. do we need FSA license for that?

 

[shadowninja]

I think your best bet is to call the FSA. They may take the view that you're offering tips. Whether you do this by posting your own tips or allowing others to post live trades could be deemed as irrelevant.

 

[dealer911]

Hi guys,

I really need some advise here. :whistling

we have developed a mirror trading website. any trader register and update its account on real time on our website. people check these public performances and can mirror these trades in their account. in other word, we are technology provider and not advisong on investment. we want to introduce clients to brokers either inside UK or ourside. do we need FSA license for that?

Might be worth getting a consultant to do a compliance report for you..
Try these guys - http://www.compliancy-services.co.uk

Should cost you around £500 ish for an expert opinion - at least you will know where you stand and you can then market your service with confidence you wont have the FSA smasing in your door at 3 am!

 

[arabianights]

Exactly, you'd be a bloody idiot to take non-professional advice here.

 

[Waterfield]

I'm pretty sure you don't. Although you do for the US that's why the introducing/affiliate schemes from the brokers ask you where you'll be advertising, and not to accept US without the NFA shizz.

Check at the bottom of t2w for example:

Member, National Futures Association (NFA ID # 0402027). Please be aware that off-exchange retail foreign currency (forex) trading involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial goals, level of experience and risk appetite. Any opinions, news, research, analysis, prices or other information contained does not constitute investment advice.

They must have been accepted because it used to say pending.

http://www.nfa.futures.org/basicnet/Details.aspx?entityid=By5cAYVNumg=