High-risk trading fraud warning

Money Box

BBC

Business

4.2 • 825 Ratings

🗓️ 3 February 2018

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

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.

Transcript

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0:00.0	In Northern Ireland, from the late 70s to the early 90s, the IRA killed over 40 alleged informers.
0:08.0	But the man who often found, tortured and sometimes killed these people on behalf of the IRA
0:12.0	was himself an informer, a secret British army agent with the codename Stakeknife.
0:18.0	Who gets to play God? And why me? Why my family? When lies are still being told to this day,
0:24.0	who do you believe? I wouldn't even know where to start and I'm with the IRA.
0:28.5	Steakknife. Listen first on BBC Sounds. Welcome to the download of Moneybox, the program about
0:34.5	your money. Interest-only mortgages are back in the news.
0:37.7	Two million people have to take action on an interest-only mortgage from as long ago as the 1990s.
0:44.0	Jane King's here. Jane, why the big concern about interest-only mortgages now?
0:49.4	I think because, as you say, they became popular in the 1990s, we're now seeing the first spike of
0:54.6	significant numbers of people where their terms are coming to an end and they need to contact
0:58.9	their lender to decide how they're going to repay their capital. I'm speaking to many of them
1:03.2	who tell me that they are very concerned about speaking to their lender because they're not sure
1:07.6	what the results of this will be. Thanks, Jane. Well, much more from Jane later
1:11.6	and a proper introduction in this Moneybox programme.
1:14.4	I hope you enjoy it.
1:15.5	This is the BBC.
1:18.6	Hello, in today's programme, £87,000 will be stolen today
1:23.6	from people who believe they're trading in what are called binary options. How will the
1:28.6	regulator protect us from this 32 million pound a year theft? The government is to review
1:34.5	1.6 million disability benefit claims after the High Court ruled it did not treat people with
1:40.2	mental disabilities fairly. I don't think the people that devise these assessment processes
	...

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