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Close this search box. Initiates Process to Withdraw UK Subsidiary’s FCA License Initiates Process to Withdraw UK Subsidiary's FCA License

NEWS, a prominent British retail FX and CFD broker, has formally requested the Financial Conduct Authority (FCA) to cancel the license of its UK subsidiary, ICM Capital Limited (reference no. 520965). The specific grounds for this request have not been disclosed by the company.

Records from the FCA website indicate that ICM Capital Limited has held an FCA license since November 8, 2010. However, on May 15, 2024, the company filed for the revocation of its license.

Despite the application for license termination, the FCA has reiterated that ICM Capital Limited remains obligated to uphold FCA standards in its dealings with clients. operates under regulatory oversight in various jurisdictions worldwide and holds licenses from regulatory bodies in the UK, UAE, Mauritius, Labuan, South Africa, Switzerland, and St. Vincent and the Grenadines.

Besides its operations in the UK, has a presence in the UAE, South Africa, and Switzerland, along with offshore entities in Mauritius, Labuan, and Saint Vincent and the Grenadines.

This move to terminate its FCA license marks a critical juncture for as it evaluates its business strategy amid ongoing financial challenges. The progression of this procedure now hinges on the FCA’s assessment, ensuring that all consumer obligations are met effectively.

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