IKON Finance suspends trading to undergo FCA Voluntary requirement changes. The brokerage will get back to business after it meets FCA norms. What happens with IKON Finance clients?
31 March, AtoZForex – A UK Financial Conduct Authority (FCA) licensed firm, IKON Finance, has voluntarily decided to suspend client order processing for the time of undergoing changes. The brokerage has agreed to voluntarily requirement (VREQ) from the UK watchdog. This implies that IKON Finance will not be executing any client orders.
IKON Finance suspends trading to comply with FCA Voluntary Requirement
The current changes are subject to specific FCA requirements that the regulator has imposed on the broker. The clients of a broker have been able to withdraw their funds or request transfer to other brokers with regulation by the FCA. Moreover, the spokesperson for IKON Finance has stated:
“IKON has voluntarily agreed with the FCA to undergo certain requirements which will be fulfilled shortly. It is very important to note that customer funds were not affected in any way during this process and we are excited in continuing our business shortly.
Customers have been able to withdraw or direct their funds at their request pending compliance of such transfers.”
What now for IKON Finance clients?
The VREQ is normally a procedure that brokers execute when amending their operations. Under such procedure, the regulator does not suspend the trading license of the broker. However, the firm should stop processing orders and close the open positions of their clients until necessary changes take place.
The broker highlighted the fact that the clients or clients’ funds were not at harm at any point. Moreover, IKON Finance stressed that they are striving to fulfill the regulation requirements of the FCA. The brokerage will get back to business as soon as the undergoing changes will take place and the FCA restrictions will not apply.
In addition, I have learned online that IKON Finance is transferring its client book to Hantec Markets in the light of the latest events. I have researched the topic and found out that the news is untruthful. IKON Finance denied the fact of selling its clients’ accounts to Hantec Markets or any other broker.
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