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FSCS Urges AFX Markets Purchasers to Submit Compensation Claims

After 2 years beneath the Particular Administration, the shoppers of the failed foreign exchange and CFDs dealer AFX Markets have been requested to submit their compensation claims.

“FSCS is now open to claims from prospects who invested with AFX Markets Ltd,” an official announcement on Tuesday acknowledged. “Working carefully with the Joint Particular Directors (JSAs) from CG&Co, FSCS has agreed on a course of with the JSAs to evaluation buyer claims and pay compensation on eligible claims.”

The UK Monetary Companies Compensation Scheme (FSCS) additional elaborated that solely shoppers of AFX Markets Ltd can be eligible for compensation, and the administration will decide the eligibility of shoppers.

“The JSAs will contact prospects who’re eligible to submit a declare to FSCS. They are going to be invited to submit a declare utilizing the FSCS on-line claims service. These prospects will then get additional particulars on the claims course of, and the steps they should take,” the announcement added.

Moreover, AFX Markets shoppers can strategy the directors with legitimate paperwork establishing that they had been shoppers of the failed dealer.

“FSCS can also be conscious that some shoppers who’ve contacted the JSA with proof of getting handled AFX Markets Ltd are but to obtain affirmation that their proof has been accepted. They’ve additionally not had an invite to make a declare to FSCS. The JSAs are nonetheless contemplating submissions from many consumers, and we anticipate additional choices and invites to submit a declare to us to be issued within the coming weeks and months,” the FSCS famous.

A Failed Dealer

FCA-regulated AFX Markets and CySEC-regulated AFX Capital Markets, the 2 models of the identical group, needed to stop actions after the regulators of the 2 nations revoked the licenses.

The UK directors quickly discovered that the dealer was in horrible monetary form and had a shortfall in its shoppers’ funds of greater than £7.3 million. Moreover, CySEC identified a deficit within the dealer’s shopper funds.

Nevertheless, beneath the FSCS solely the UK shoppers beneath AFX Markets can be eligible for the compensation.

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