What About My Annual Obligations to the FSA if I Own a Forex Business?

What about my annual obligations to the FSA if I own a Forex business? If you are a Forex trader that has a UK audience, FSA registration is extremely useful. The FSA (Financial Services Authority) sets standards for the conduct of financial institutions; these standards ensure financial products are sold in a transparent fashion. Unfortunately, for traders, registration requires meeting detailed reporting requirements, which can take a considerable amount of time and energy.

Financial reporting: in addition to ensuring that client funds are kept in a separate bank account, FSA registered brokers also need to use a bank that has appropriate insurances and safeguards in place to provide a high level of protection to client money. The Forex trader is also required to submit regular financial reports, an annual audit and other information as and when required to the FSA in order to retain their registration.

Dealing with the paperwork: provided trading is being undertaken in a legitimate manner and clear records are kept of each transaction, the production of regular financial reports will be straight-forward.