The Financial Conduct Authority (FCA) is responsible for regulating financial services in the UK to protect the rights of consumers and the wider economy. The FCA’s aim is to ensure that regulated firms act in the best interests of consumers and provide them with appropriate products and services.
To achieve this, the FCA has three objectives, as set out in the Financial Services Act (2012):
1. Protect consumers – to secure an appropriate degree of protection.
2. Protect financial markets – to protect and enhance the integrity of the UK financial system.
3. Promote competition – promote effective competition in the interests of consumers.
Fortrade is authorised and regulated by the FCA (Firm Reference Number (FRN): 609970), and is committed to upholding the highest standards of customer service. We also subscribe to the FCA’s Treating Customers Fairly (TCF) code of conduct.
All of your transactions – deposits, orders and withdrawals – are carried out via an SSL-encrypted connection designed to prevent them from being unlawfully accessed or compromised. Plus, the servers we use are located in high quality SSAE 16/SAS 70 Type I and II locations, and our website and domain are often tested for illegal activities such as ID theft, counterfeiting, check or credit card fraud – meaning you can trade with complete confidence and peace of mind.
The FCA’s Client Assets (CASS) rules ensure all client funds are protected. Client money is clearly separated from our own and is held in segregated client bank accounts. This ensures that in the unlikely event of Fortrade becoming insolvent, funds held in these accounts will be returned to clients, less administrators’ costs, instead of being treated as recoverable assets by general creditors of Fortrade.
Fortrade performs client money calculations in accordance with FCA requirements under CASS 7 on a daily basis. This process ensures that funds held in segregated bank accounts accurately reflect retail client assets.
In the unlikely event of Fortrade becoming insolvent or ceasing to trade, you may benefit from the protection offered by the Financial Services Compensation Scheme (FSCS).
The FSCS has operated since December 2001, when the Financial Services and Markets Act 2000 came into force, and acts as a safety net for clients of FCA authorised firms.
The maximum level of compensation for investment claims against firms declared in default is £85,000 per person, per firm. The FSCS is generally available to private individuals, as well as some small businesses.
Further information on the FSCS can be obtained from the FSCS website or by calling the FSCS Helpline on +44 (0) 20 7741 4100 or 0800 678 1100.