AFX Markets Ltd
AFX Markets Ltd (AFX) is an online FOREX and CFD broker.
AFX Markets Ltd was placed in Special Administration following a court application made by the FCA on 27 August 2019. At the hearing, Jonathan Avery-Gee and Daniel Richardson of CG Recovery were appointed Special Administrators of AFX by the court (the High Court of Justice of England and Wales).
The FCA made the court application because of concerns that AFX was unable (or likely to be unable) to pay its debts. Also, special administration would protect client money, and help return that money to clients as soon as possible.
A previous court action by the FCA (on 31 July) froze all AFX’s assets and required AFX to stop any regulated activity, except to close all open positions. The FCA took this action because of concerns on AFX’s financial position and its arrangements for safeguarding client money.
Latest News from
East London Credit Union Ltd declared in default: FSCS to protect 5,500 members12/09/2019 16:20:00
The Financial Services Compensation Scheme (FSCS) has stepped in to protect the members of East London Credit Union Ltd, trading as Waltham Forest Community Credit Union, which has stopped trading and is now in default.
FSCS to compensate Alpha latent defect policyholders20/08/2019 10:25:00
The Financial Services Compensation Scheme (FSCS) is to compensate Alpha Insurance latent defect premium insurance policyholders (see FSCS webpage for Alpha customers).
FSCS declares six firms in default in July19/08/2019 13:38:00
Consumers could get back money they've lost as a result of their dealings with any of the six failed regulated firms (listed below) the Financial Services Compensation Scheme (FSCS) declared in default in July 2019.
Update for customers of SVS Securities06/08/2019 14:10:00
The Financial Services Compensation Scheme (FSCS) is aware that the wealth management firm SVS Securities PLC was placed in special administration by its Directors on 5 August 2019.
Red Sands to provide replacement home insurance cover for LAMP policyholders30/07/2019 13:10:00
Replacement home insurance cover has been secured with Red Sands for home insurance policyholders whose policies were previously underwritten by LAMP Insurance Company.
FSCS declares 11 firms in default in June18/07/2019 10:25:00
Consumers could get back money they've lost as a result of their dealings with any of the 11 failed regulated firms (listed below) the Financial Services Compensation Scheme (FSCS) declared in default in June 2019.
Alpha Insurance A/S15/07/2019 11:37:00
Since May 2018, FSCS has been working with CRL Management (an appointed representative of BCR Legal Group Ltd), BCR Legal Group Ltd and the Alpha Liquidator to try and secure replacement cover for Alpha’s 10-year latent defect/structural damage insurance policies, which lapsed on 11 August 2018 in accordance with Danish law.
Summary note on the basis for protected claims against London Capital & Finance plc15/07/2019 10:10:00
London Capital & Finance plc (“LCF”) was originally set up in July 2012 as a commercial finance provider to UK companies. From September 2013, LCF sold mini-bonds, with trading significantly increasing from 2015 onwards. Whilst it previously had an interim consumer credit permission, LCF only became fully authorised on 7 June 2016. FSCS protection can only apply in relation to regulated activity carried out after this date.
Two wins for FSCS at Diversity in Finance Awards08/07/2019 11:03:00
At Financial Adviser’s inaugural Diversity in Finance Awards on 3 July FSCS scooped two awards. FSCS was recognised as the Employer of the Year, and David Blackburn, FSCS’s Chief People Officer, was named as the Diversity Champion of the Year.