The Cyprus Securities Exchange Commission (CySEC) invites FXFINPRO clients to submit broker compensation forms. The Cypriot regulator withdrew the company's license in October 2018. According to the watchdog, the company has not yet settled its obligations relating to the investment services and ancillary services provided to its clients.
14 January, 2020 | AtoZ Markets – CySEC has announced the initiation of the process of compensating the clients of PFX Financial Professionals Ltd (FXFINPRO). CySEC has determined that the company (as a member of the ICF) is currently unable to meet its obligations arising out of investors’ claims.
CySEC Starts Processing Compensation Claims
FXFINPRO's CIF authorization has been withdrawn since October 2018. CySEC also explains that the company has not fulfilled its obligations relating to the investment and ancillary services provided to its clients. But it should have done under the law. It is worthy of note that FXFINPRO operated through:
Following today’s announcement of CySEC, the Fund will publish, in at least two national newspapers (Cypriots):
- An invitation to submit compensation applications,
- Designating the procedure for submitting the related applications,
- The deadline for their submission and their content.
According to the CySEC announcement, the regulator starts the compensation payment procedure after revoking the authorization of FXFINPRO. However, the company does not require to repay its obligations in the near future, “for reasons directly related to its financial situation”.
ICF Invites the Covered Clients to Submit Broker Compensation Forms
FXFINPRO (PFX Financial Professionals Ltd) is a member of the Investor Compensation Fund (ICF). According to the new ICF directive, ICF aims to protect claims from covered clients. Furthermore, the ICF provides them with compensation if a member has failed to meet their financial obligations.
The ICF also invite covered customers to submit their claims against the company, indicating the procedure for filing compensation applications. Each customer will also get the amount of compensation calculated based on the contractual terms that govern its relationship with the faltering broker. But in general, the maximum amount does not exceed 20,000 euros.
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 requests. They have to take all appropriate actions for the submission of their claims.
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