London-based Retail FX and CFDs broker Capital.com has posted a note on its UK website that it has taken the decision to stop onboarding new UK clients for the time being. The memo states that the company has “grown rapidly” as a business and Capital.com wants to ensure that all of its systems, controls, products and services are delivered to the high standards required by customers, management, shareholders and regulatory authorities.
The move only applies to customers of Capital.com’s UK arm, Capital Com (UK) Limited, which is regulated by the Financial Conduct Authority (FCA), registration number 793714. Capital.com appears to still be onboarding customers in other parts of the other entity group. The UK company appears to provide regular services to existing Capital.com UK customers.
Capital.com’s move is curious, as the company has been largely staffed over the past two years (mostly) at its recently renovated London headquarters, with many of the new senior employees being former IG Group executives. The changes began in early 2022 when Capital.com brought in former IG Group chief Peter Hetherington as CEO, although Mr Hetherington left the company late last year and was replaced by Cyprus Zoumidou, who he was previously Commercial Director International at IG.
Capital.com operates several licensed affiliates engaged in online brokerage in the United Kingdom, Australia and Cyprus. The company and its sister brand Currency.com are controlled by Victor Prokopenya, a Belarusian lawyer and computer scientist living in London.
FNG spoke with an official representative of Capital.com, who explained:
“Capital.com has made the strategic decision to temporarily stop onboarding new customers in the UK. This is to ensure we continue to provide an unmatched level of service to our existing UK customers as we experience rapid and unprecedented growth in new and emerging markets.
This temporary pause will allow us to ensure that all our systems, controls, products and services meet the exacting standards required by our valued customers, management, shareholders and regulators. This is a proactive measure aligned with our long-term vision of achieving sustainable growth and operational excellence.
During this period, UK residents who are not existing customers will not be able to open a new account with Capital Com UK Limited. All existing UK customers with an active account will not be affected and can continue to deposit or withdraw funds, add additional accounts and trade as normal. Capital.com continues to provide full service in all other markets.
We remain committed to supporting our customers and look forward to starting to integrate new customers back into the UK in due course.”