28 February, AtoZForex – The trading name of Pepperstone Group Limited, Pepperstone has suspended its online Forex trading offering in the UK. The abrupt news about the Melbourne-based Forex broker came to us today, and we have reached out to the broker. Despite, being based in Australia, Pepperstone Group Limited has offices in Dallas, Shanghai, Bangkok, and London.
Pepperstone aims to expand in Europe
One of the Australia’s leading private equity firms Champ Private Equity invested millions of Dollars in Pepperstone last year. Opening the opportunities for the Forex broker to expand its business in Europe. After the online Forex and CFD Broker was founded in 2010. This particular goal of Pepperstone, was confirmed through the interview with Pepperstone's CEO. As Owen Kerr said that they were making plans to expand their Business in Europe.
Following these developments, Pepperstone made it's official entrance to the UK Forex market over recently. As the Forex broker received the FCA license on September 2016. Pepperstone opened an office in London, located in the
Pepperstone suspends Forex trading in UK
Currently, Pepperstone is implementing a number of amendments to its management structure and processes. The Forex broker is bringing on some additional resources in its UK office. Due to these motives and the recent announced FCA obligations, Pepperstone suspends Forex trading in UK for all of its clients, on a temporarily basis.
I have reached out to Pepperstone for more information, however they denied to provide a comment. However, Pepperstone's UK clients will be able to trade again after all the changes are implemented successfully. Giving Pepperstone the opportunity to re-calibrate its trading activities with FCA's new regulations.
What now for the UK clients funds held at Pepperstone?
Pepperstone possess over the Financial Conduct Authority (FCA) license. Hence, the Forex broker maintains its client accounts seggregated with Barclays (UK). When you fund your trading account with Pepperstone, your money is held in a segregated client bank account for your benefit. Moreover, it will be kept entirely separate from Pepperstone’s own funds, in compliance with the FCA client money rules.
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