David Barrett has stepped down as Chief Executive Officer of the UK arm of Retail FX and CFDs broker EBC Financial Group, regulated by the Financial Conduct Authority.

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The change is reflected on the regulator’s register, which states: “This individual is no longer in a role that requires regulatory approval.”

Executive Leads EBC, Cayman, Consultancies

Barrett served as Director and CEO of the UK business for about six years. He also held a parallel role with the group’s Cayman entity for roughly four years.

His tenure at the broker covered multiple jurisdictions and overlapping responsibilities. Both roles were listed as ongoing prior to the recent regulatory update.

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Alongside his work at EBC, Barrett has been active in financial consultancy. He has led Elm House Advisors Ltd for more than six years, focusing on foreign exchange, fixed income risk, and operational management.

Earlier, he ran Raynehurst Advisors Ltd for about five years. Before that, he headed MKM Advisors Ltd for roughly six years.

EBC Expands, IG Exits South Africa

EBC Financial Group SA has been approved by the Financial Sector Conduct Authority as an Authorised Financial Service Provider. The approval is part of the company’s plan to establish operations in South Africa, a market with around 63 million people and 76% internet penetration.

The country’s fintech sector is projected to grow from USD 7.08 billion in 2023 to USD 14.86 billion by 2033. EBC cited active trading in commodities, indices, and digital assets as supporting demand for regulated market access.

At the same time, IG Group is winding down its South African operations. Existing clients may continue to use accounts with the broker’s offshore entities, but no new positions will be opened. The company described the decision as “difficult” and said it intends to provide clients with a smooth transition, without disclosing a reason for the closure.