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share buying and selling apps: UK watchdog warns share buying and selling apps to not encourage ‘playing’

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share buying and selling apps: UK watchdog warns share buying and selling apps to not encourage ‘playing’

2022-11-22 05:12:33

Inventory buying and selling apps ought to assessment their options to make sure that buyers aren’t tempted into “gambling-like” behaviour, Britain’s Monetary Conduct Authority mentioned on Monday.
The watchdog warned inventory buying and selling app operators to cease “game-like” components.

The FCA mentioned that such options embody sending frequent notifications with the most recent market information and offering customers with in-app factors, badges and celebratory messages for making trades.

“Some product design options might be contributing to problematic, even gambling-like, investor behaviour,” Sarah Pritchard, FCA government director of markets, mentioned in a press release.
“We count on all corporations that supply inventory buying and selling to customers to assessment and, the place applicable, make enhancements to their merchandise primarily based on these findings.”
The FCA mentioned its analysis taking a look at 3,000 customers throughout a number of app firms raised considerations that clients are uncovered to high-risk investments, and that some seem to exhibit behaviours much like problem-gambling.

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A couple of million new accounts had been opened by 4 buying and selling app corporations within the first 4 months of 2021, nearly double the quantity opened with all different retail funding companies mixed.

Corporations ought to make certain they’re treating clients in a manner that complies with the harder “shopper responsibility” safety which comes into pressure subsequent yr, the FCA mentioned.

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