Asic to ban or restrict investment products which lose customers $2bn a year

Corporate regulator cracks down on sale of binary options and contracts for difference in major move in financial sector

The corporate regulator says it will ban or restrict the sale of two exotic investment products that cost customers almost $2bn a year.

Using new product intervention powers gained in April, the Australian Securities and Investments Commission wants to ban the sale of binary options to ordinary Australians for 18 months - the maximum period allowed under the law.