Hi I have a query regarding this issue, I can never seem to find conclusive answers on this nor will FSA bother replying to my emails.
If I am trading my own account at an FX broker but want to also start trading accounts for close relatives can I do this legally in UK under power of attorney using something like Oanda's FXManager platform. If this is legal for me to do, does legality change if I implement a fee schedule based on watermark realised p/l (meaning I am paid percentage of profit I make on these accounts)?
And again, if I extend 'close relatives' to 'close friends' aswell, does legality change?
I can't seem to find any advice on this anywhere. I'm not asking whether or not it's a good idea to trade other people's money, more interested in the legalities of doing so as (for example) I'd quite like to grow some accounts for my dad, sister, etc.
If I am trading my own account at an FX broker but want to also start trading accounts for close relatives can I do this legally in UK under power of attorney using something like Oanda's FXManager platform. If this is legal for me to do, does legality change if I implement a fee schedule based on watermark realised p/l (meaning I am paid percentage of profit I make on these accounts)?
And again, if I extend 'close relatives' to 'close friends' aswell, does legality change?
I can't seem to find any advice on this anywhere. I'm not asking whether or not it's a good idea to trade other people's money, more interested in the legalities of doing so as (for example) I'd quite like to grow some accounts for my dad, sister, etc.
