New regulations are coming into effect! The Financial Conduct Authority (FCA) is implementing a series of changes starting from 8 October. These adjustments aim to enhance transparency and ensure a more secure financial landscape for UK customers. To prepare for these regulations, we are making minor adjustments to our business practices when engaging with customers in the UK. To help you understand these changes better, we have compiled a list of frequently asked questions about the new FCA regulation and what it means for you, the Yield App customer.
What is the FCA and why are they introducing new regulations?
The Financial Conduct Authority (FCA) is the UK's financial regulator, responsible for ensuring that financial markets are fair, transparent and operate in the best interests of consumers. The FCA is implementing these new regulations to address concerns around customer protection, financial stability, and market integrity.
How will these changes affect me as a customer?
The FCA is introducing a number of changes that aim to improve customer outcomes and reduce potential harm in the financial sector. One of the key changes is a new ban on incentives like ‘refer a friend' bonuses.
A restriction on incentives like ‘refer a friend' bonuses
The restriction on incentives means that Yield App will no longer be able to offer rewards to UK nationals or UK residents for referring friends and family.
What do these changes mean for Yield App?
As a regulated company, we are committed to complying with global regulations including FCA fair promotion rules. We have made necessary adjustments to our processes and policies to ensure that we continue to provide our UK customers with the best possible service while adhering to the new rules. This may mean some changes in how we do things, but ultimately it is for the benefit and protection of our customers.
Will this have any impact on my investments with Yield App?
No, these changes will not affect your current investments with Yield App. We remain committed to providing a safe and secure platform for your financial activities.
When are these changes coming into effect?
The new regulations will come into effect on the 8th of October. We encourage all our UK customers to familiarize themselves with the changes and to contact us if they have any questions or concerns.
What can I do if I have further questions?
If you have any further questions, please don't hesitate to contact our customer support team. We are here to help you understand these changes and ensure a smooth transition for all our customers. You can reach us via email, phone, or live chat on our website.