Administrators of AFX Markets set to publish report later in October

Maria Nikolova

Customers of the brokerage are encouraged to consult a dedicated webpage maintained by the Special Administrators.

As the UK Financial Conduct Authority (FCA) has confirmed, FX brokerage AFX Markets entered into administration in August, with CG Recovery appointed as special administrators.

Customers of AFX are encouraged to consult a recently established webpage http://cg-recovery.com/afxmarkets/, which is maintained by the special administrators of the broker and provides important information.

The latest update on this webpage says that, in respect of the client assets held with AFX, the Special Administrators are in the process of reviewing the position of each client to ensure that client accounts have been reconciled prior to any transfer of client assets that are being held in the company’s client account.

The officers of AFX Markets are required to submit a Statement of Affairs but as yet the Special Administrators are not in a position to give any information regarding the financial status. The administrators plan to send a report by October 22, 2019. The report will explain how the administrators will achieve the objectives of the special administrators and will give details of the prospects and financial position of the company.

In August, the UK Financial Services Compensation Scheme (FSCS) posted some information for clients of AFX Markets Ltd. FSCS said it is working closely with the Special Administrators to determine the firm’s position in regards to client money.

“At this stage there is no need for customers to make a claim with FSCS”, the Scheme said.

AFX Markets Limited acted as broker for customers trading on its online trading platforms (ww.afxgroup.com and www.stofs.co.uk), principally in foreign exchange and contracts for difference products. Since the Cypriot regulator CySEC announced the suspension of AFX’s license, AFX’s website has gone black, as FinanceFeeds reported.

According to figures provided by the firm to the FCA, it has approximately 1,200 customers and is responsible for the safekeeping of approximately £7.5 million of client money.

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