Capital.com Halts Onboarding of UK Clients Amidst Growth Spurt

March 20, 2024 at 11:34 PM
Capital.com

Capital.com, a prominent Retail FX and CFDs broker headquartered in London, has announced a temporary suspension of new client onboarding in the UK market. The decision, as stated on their website, comes in light of the company's rapid growth trajectory, with a firm commitment to maintaining top-tier standards across all operational facets including systems, controls, products, and services.

This move specifically impacts potential clients of Capital.com's UK arm, Capital Com (UK) Limited, which operates under the regulatory oversight of the Financial Conduct Authority (FCA) with registration number 793714. However, it's worth noting that Capital.com continues to onboard clients through its various entities operating in other regions.

The decision to pause onboarding in the UK raises eyebrows, especially considering the significant expansion efforts undertaken by Capital.com in recent years. The company notably bolstered its workforce, particularly at its London headquarters, with a notable influx of senior professionals, many of whom hail from industry giant IG Group.

This surge in talent acquisition commenced in early 2022, coinciding with the appointment of former IG Group chief, Peter Hetherington, as CEO of Capital.com. However, Hetherington's departure from the company last year saw Kypros Zoumidou stepping in as his successor, bringing with him a wealth of experience from his prior role as Commercial Director International at IG.

Capital.com operates under several licensed subsidiaries across various jurisdictions including the UK, Australia, and Cyprus. The company, along with its sister brand Currency.com, falls under the purview of Victor Prokopenya, a Belarusian legal expert and computer scientist based in London.

While the temporary halt on new client onboarding in the UK may raise questions within the industry, Capital.com continues to reassure existing clients of its unwavering commitment to providing uninterrupted services.

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