Is new licensing regime for forex lipstick on a frog?

Bad apples: New rules from the Financial Services Conduct Authority aim to clean up the forex trading sector, but some brokers are not convinced they go far enough. Picture: 123RF/ELNUR AMIKISHIYEV

The more people read about forex scams, and the more people fall victim to unscrupulous brokers, the more the reputation of the industry suffers. Other brokers we talked to were less sure that the ODP licence is a good thing for the industry, not because new regulation isn’t needed, but because the new regulation is not built for the SA market and will be unenforceable.

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