Warsaw provincial administrative court has ruled that the Polish financial regulator FSA was correct in its decision to fine FX broker XTB with PLN 9.9 million.
XTB stated a few hours after the announcement of the heavy monetary penalty that it fully disagrees with the FSA’s allegations of abusive price slippage, and that it will appeal against the $2.5 million fine. Fast forward to 2019.
XTB appealed the watchdog’s finding but on Monday, a court in Warsaw upheld the fine imposed by the FSA.
“The [court] completely shared the opinion of the Polish [FSA] that XTB violated the legal order to take into account the best interests of clients,” wrote an employee of Warsaw’s provincial administrative court.