FSA rules for spread betting?

Question

Hi, does anyone know what rules govern who is allowed to have a spread betting account in the UK? I know its rules set by the FSA.

I am a student without an income and they wouldn't let me have an account, i've also like to them and said i have an income of £16k and £10k in savings but no luck. Age doesnt have anything to do with it as long as I am 18 right?

Answer 1

The companies can accept or refuse anybody that they like. If they do not like what you have put on your application or it does not check out then they will refuse you.

If you have been stupid enough to lie then they will probably blacklist you and also warn other similar firms to do the same.

You need money to spreadbet as you will incur some losses however good you think you are. The firms want to know that you will pay up and you should also be aware that this type of gambling debt IS legally enforcable.

The other stumbling block may be that you are applying from a country or area where gambling is prohibited in which case, they cannot legally take you on as a client.