South African-based online forex broker JP Markets operated in ‘absolute conflict’ with its clients
‘For every loss that a client makes on a transaction, JP Markets makes an equal and corresponding profit’.
The FSCA suspended JP Markets’ financial services provider license in June and is now moving to liquidate the company. The investigation into JP Markets – which is still ongoing – came in response to a barrage of complaints from clients, mainly that the firm had failed to pay out or that they had suffered losses due to interrupted access to the platform.
The investigations had further revealed a separate so-called “toxic” group – with different trading conditions – had been created for high earners, who were unknowingly moved there.
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