Crackdown on share betting

HIGH-RISK investing websites where eight in ten savers lose cash may be banned following an investigation by Money Mail.

We exposed how binary options firms lure inexperienced savers into taking punts on the rise and fall in shares, metals and currencies. Customers lose everything if the bet is wrong — sometimes vast sums.

The European Securities and Markets Authority wants to stop the companies from advertising and selling to savers. Any new rules are likely to remain after Brexit.

The watchdog also wants to cap losses on another type of financial betting, contracts for difference, so savers can’t lose more than they put down. These are often advertised through deals with football clubs.