Gain Capital UK Files to Cancel FCA License, Months After StoneX Flagged the Move

Gain Capital UK Limited has applied to cancel its authorization with the Financial Conduct Authority (FCA), a change the regulator's register dates to yesterday (Wednesday). The StoneX subsidiary has run the FOREX Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term.com and City Index brands in Britain.

The application closes out an entity the FCA has listed as authorized since December 2001, and which traded as City Index Limited until 2015.

StoneX now runs its UK retail business through StoneX Financial Ltd, which retired the City Index brand on September 12 after retail FX and CFD revenue fell 19% in the June quarter.

London's trading industry is coming home!

A Plan Announced in January

StoneX said in January that Gain Capital UK would give up its FCA license at a later date, and that FOREX.com's UK business would continue under StoneX Financial, which remains authorized by the regulator.

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The register shows Gain Capital UK can no longer hold or control 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. Its permissions still cover dealing as principal in CFDs, spread bets and rolling spot forex contracts, and the FCA notes that a firm in this position "must still meet our standards in dealing with its customers."

The UAE License Still Carries the Gain Name

The January plan tied the timing to the Middle East. Gain Capital UK obtained a Category 5 license in the United Arab Emirates in August 2025 and planned to operate under it for several months before moving it to StoneX Financial, FinanceMagnates.com reported at the time.

On Thursday, the register of the UAE's Capital Market Authority (CMA) still listed Gain Capital UK Limited as active and showed no StoneX entity. It is not clear whether a transfer is pending.

Category 5 lets a firm promote services and introduce clients in the UAE, but not hold client funds or execute trades there. Vantage joined more than a dozen CFD brokers holding the introducer license in July.

Three Decades of Name Changes

The entity was registered as City Index Limited from 1995, according to the FCA register, and also used Barclays CFDs trading names between 2013 and 2018. GAIN Capital bought City Index in 2015, the year the company took its current name.

StoneX acquired GAIN Capital for $236 million in 2020. A year later, Gain Capital UK cut its share capital by about 99%, as StoneX began winding down the Gain entity and merging it into its own operations.