Cypriot Investor Compensation Fund to invite claims by clients of PFX Financial Professionals

Maria Nikolova

The license of the company was withdrawn in October 2018.

The Cyprus Securities Exchange Commission (CySEC) today published an announcement concerning the customers of PFX Financial Professionals Ltd, a company that used to operate via www.fxfinpro.com and www.finproinvest.com.

The company’s CIF authorisation has been withdrawn since October 2018. CySEC explains that, until today, the company has not settled its obligations related to the investment and ancillary services that provided to its clients, although it should have done so in accordance with the Law.

CySEC has ascertained that the company (as a member of the Investor Compensation Fund) for the time being is unable to meet its obligations arising out of investors’ claims and has no early prospect of being able to do so.

Following today’s CySEC announcement, the Fund will publish, in at least two newspapers of national (Cypriot) coverage, an invitation to submit compensation applications, designating the procedure for the submission of the relevant applications, the deadline for their submission and their content. This publication will be also posted on CySEC’s website.

All affected clients are invited to study Directive DI87-07 (R.A.D. 76/2019) as well as the information for the submission of compensation applications and take all appropriate actions for the submission of their claims.

Back in October 2018, CySEC decided to wholly withdraw the Cyprus Investment Firm authorisation of PFX Financial Professionals Ltd due to the company’s non-compliance with Section 28(1) of the Law, as it failed to comply at all times with the authorisation and operating conditions provided for persons who effectively direct the business of a CIF, and organisational requirements). The company also failed to comply with Section 36(1)(a) of the Law (conduct of business obligations when providing investment services to clients), and Section 114 of the Law (submission of CIF financial accounts), as well as with Section 139(1) of the Law (submission of information to CySEC which are correct, complete and accurate).

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