Trading Standards

City of London Corporation Trading Standards Service and City of London Police visited 20 premises in a day of action that focused on premises in the Square Mile offering high risk ’investment’ products. There have been concerns right across the world about the growth in binary options trading. Trading Standards have been carrying out work to ensure that rogue binary options traders aren’t exploiting the reputation of the City. Analysis carried out by Action Fraud shows that since 2012, victims have reported losing £60m to binary option fraud. However, this is probably just the tip of the iceberg with under reporting of this type of crime. The day of action was an opportunity to engage with this specialist sector and give reassurance that fraudulent businesses will not be tolerated. One business that was due to be inspected disappeared overnight, despite having just paid a considerable amount of rent money for their office rental. The day of action received widespread media attention and Trading Standards Manager Steve Playle was interviewed for BBC Radio 4 and there were a number of press articles in the financial press including the Financial Times.