Spread-better shares drop 30% after FCA clampdown

Ouch.

Shares in spread-betters have tanked after the Financial Conduct Authority announced a comprehensive series of proposals to tighten up on a business that it says is poorly understood by clients. Over 80 per cent of customers lose money on these financial-market bets, the FCA said.

At pixel time:

• CMC Markets shares are down by over 30 per cent to 128.4p.
• Shares in IG Group are down 22 per cent to 611p.
• Plus 500 shares are down 29 per cent to 348p.

Listed in February, CMC Markets was founded by City financier and Brexit campaigner Peter Cruddas.