The FCA is consulting on conduct of business rules for firms providing contract for difference (CFD) products to retail clients. The proposed rules include requirements for firms providing CFD products to retail clients to: (i) provide a standardised risk warning and mandatory profit-loss disclosures to illustrate the risks of CFD products; and (ii) apply lower leverage limits for inexperienced retail clients (those with less than 12 months of active trading experience in CFD products or other relevant margined products) and higher leverage limits for experienced retail clients. Firms are also prevented from using any form of trading or accounting opening bonuses or benefits to promote their retail products and platforms. Comments are invited by 7 March 2017. The consultation paper also contains a discussion of possible policy approaches for the regulation of binary options as a follow up to HM Treasury’s consultation on bringing binary options within the scope of FCA regulation as part of its transposition of MiFID II.