Exclusive: FIXI PLC Starts Contacting Clients about Withdrawals

Online brokerage FIXI PLC started the process of returning Client Money Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term to its customers, Finance Magnates can confirm. In an email sent to some customers, the firm states that the UK Financial Conduct Authority is allowing the broker to begin processing withdrawal requests.

Speaking to Finance Magnates, a customer support representative from the company confirmed that the process had started a few days ago. At the time the company is not able to confirm the time necessary to process all withdrawals. That said, it reassures its clients that their money is safe and all customers will be refunded.

The delay in the processing of withdrawals is linked to the FCA’s review of the company’s business. Now that the firm was cleared to process customer requests it is starting the process gradually.

Letters to Clients

FIXI PLC started with sending a letter to some of its clients that it is starting to process withdrawals. In order for the firm to be able to complete the process, customers have been sent an account statement for review.

Once the client completes the review and provided no discrepancies have been identified, they are asked to provide banking details to which the company should wire the final amount in the account.

Clients who haven’t received communication from FIXI PLC are expected to be contacted shortly. Finance Magnates can also confirm that the customer support representatives of the company are answering client queries via the phone and email contact details listed on the broker’s website.

On December 20 FIXI PLC informed its clients that after consultations with the FCA, it is ceasing its operations. After getting mandated by the UK regulator to cease all regulated activities, the company has been awaiting clearance from the FCA to process client withdrawal requests.