FX week in review: LCG license restricted, FlowBank legal action, Valutrades layoffs, IG US rebrands

Why did FCA regulated Retail FX and CFDs broker LCG have severe restrictions placed on its license, and on its operations?

What did FlowBank shareholders have to say, and what action are they contemplating, after Swiss regulator FINMA put the Geneva based neobank and neobroker into forced bankruptcy and liquidation?

What has led to a round of redundancies at London based online broker Valutrades, which include some of the company’s senior staff?

How is IG rebranding its US business?

What executive moves were reported this past week involving Capital.com, LP Prime, MultiBank, Doo Prime, and ATFX, among others?

Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:

Exclusive: LCG has FCA license restrictions imposed in wake of FlowBank bankruptcy. FNG Exclusive… FNG has learned that Retail FX and CFDs broker London Capital Group Ltd (commonly referred to as LCG, at website lcg.com) has had severe restrictions put on its FCA license, and on its operations. LCG is run out of London by CEO Dave Worsfold and Managing Director Matt Basi. The company is owned by Switzerland based neobroker / neobank FlowBank SA, which was founded by former LCG CEO Charles-Henri Sabet.

Exclusive: FlowBank shareholders considering legal action to oppose forced bankruptcy. FNG Exclusive … FNG has learned that the management and shareholders of Swiss neobank/neobroker FlowBank are planning on taking legal action against the country’s financial regulator FINMA, to oppose the forced bankruptcy and liquidation of the company. Two weeks ago, FINMA announced that it was removing FlowBank’s bank license and effectively shutting down the company, stating that FlowBank no longer had the minimum capital required for its business operations, with fears that the bank is over-indebted.

Exclusive: Valutrades layoffs include BizDev head Lauren Connor. FNG Exclusive… FNG has learned that FCA regulated Retail FX and CFDs broker Valutrades is in the process of completing a round of redundancies in its London office, as the company looks to reduce costs that have been going up rapidly in the face of inflation. Included in the current round of layoffs is longtime Valutrades employee and the company’s Head of Business Development, Lauren Connor, who had been with Valutrades since 2015.

IG US rebrands Forex trading platform to tastyfx. Forex broker IG US has announced the rebranding of its brokerage and platform technology to tastyfx, offering a more aligned experience for their US-based customers and bringing FX trading closer to the tasty family of products. tastyfx will offer a forex-focused brand for US-specific clients as their source of forex trading and content with fast technology, zero commissions, and supportive customer service.

Top FX industry executive moves reported at FNG this week included:

Campbell MacPherson

Exclusive: Capital.com appoints Campbell MacPherson as CEO of its Australian subsidiary.

❑ Marios Antoniou leaves M4Markets for CEO role at LP Prime.

Exclusive: MultiBank CSO Ruslan Abuzant departs.

❑ Ex Doto/CFI exec Demetrios Zamboglou joins BlockFills as UAE GM.

Exclusive: Former Barclays Bank CEO Tim Throsby joins XTX Markets board.

Exclusive: Sales Manager Ahmed Gomaa leaves Doo Prime.

❑ FX industry veteran John Bogue joins ATFX as Director of Institutional Operations.