IKON Finance, a UK Financial Conduct Authority (FCA) regulated firm, has agreed to suspend client order processing for an unspecified period of time. The company accepted a voluntary requirement (VREQ) from the FCA and will not be executing any orders which its clients are sending via the company’s platforms. It’s important to note that IKON Finance is not part of Multibank Exchange Group, which used to go by ‘IKON Multibank’.
The changes to the operations of IKON Finance are active until the company fully complies with the specific FCA requirements which the regulator imposed on the brokerage. According to an initial announcement made to clients, the firm has been able to process withdrawals and transfer accounts to any other FCA regulated firm.
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Commenting to Finance Magnates, a company spokesperson said in a statement: “Ikon Finance Ltd 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,” the company’s statement concluded.
A VREQ is typically a step which brokers take when making changes to their operations. Under the conditions, the license of the broker is not suspended, but the firm has to stop processing orders and close open positions subject to certain conditions.