FCA appointed joint administrators for the firm last Friday.
CCCUK operated under the trading names CIX Markets and Markets Trader.
City Credit
Capital (UK) Limited (CCCUK), a forex and contracts for
difference (CFDs) brand that
has been in the industry for nearly two decades, has become insolvent. The
Financial Conduct Authority (FCA) disclosed today (Tuesday) that the brokerage
has entered bankruptcy administration.
CCCUK
Becomes Insolvent
The FCA in a
statement noted that it had appointed insolvency advisory firms, Begbies Traynor
(Central) LLP and AABRS Limited as joint administrators of CCCUK on Friday. The process is to be led by Gary Paul Shankland and Jamie Taylor from the first
firm and Christopher Andersen from the second.
The
watchdog said the move follows an application for administration by the
directors of CCCUK. The FCA register shows CCCUK was led by Raymond Yip as the
Chief Executive Officer.
However, the FCA in its statement did not state why CCCUK went bankrupt. This is even as the
watchdog’s register shows that the company, which provided online dealing
services to private investors, institutions, banks and brokerages, applied to
cancel its authorization. The register also noted that CCCUK operated under the
trading names, CIX Markets and Markets Trader.
“The Joint
Administrators are responsible for managing claims against CCCUK and returning
funds to customers where possible,” the FCA stated
in the statement.
“Customers should receive more information from them shortly, including details
on how to make a claim.”
CCCUK in its financial report for the year ended December 2021 reported a decrease of 41% in its margin-in compared to its performance in the previous fiscal year. Margin-in
is a metric that measures a company's profitability by calculating the
difference between the price at which a product is sold and the cost of production.
“The Group
recorded a loss in the year ended 31 December 2021 during which time the global
economy has suffered as a result of the Covid-19 pandemic coupled with various
government strategies to manage it,” Yip explained in the company’s financial
report filed with the UK Companies House in September last year. “Should losses continue to be made
without additional capital being provided, the company may breach the
regulatory capital resources requirement which in turn may lead to supervisory
action by the Financial Conduct Authority.”
CCCUK
Ceases Trading
The launch
of the bankruptcy administration comes as the FCA on June 20th, 2023, placed
restrictions on CCCUK's permissions to prevent it from carrying
out any regulated activities. The financial markets
supervisor also
demanded that the firm preserve its clients' money. In
addition, the FCA ordered
the firm to place a notice on its website informing clients that it was no
longer permitted to conduct regulated activities and that all client positions will be
closed.
A check by Finance Magnates shows the firm’s website now runs a message that says CCCUK
“has ceased to trade.” In one of the frequently
asked questions (FAQS) on its
website, CCCUK wrote that the joint administrators
in eight weeks’ time are required to submit proposals
detailing, among other things, expected returns to creditors and the reason the firm entered into administration.
CCCUK was
incorporated on December 19, 2001, as Smart Link Financial Services (UK)
Limited. However, the firm stopped using the name in October 2002, according to details specified at the UK
Companies House.
City Credit
Capital (UK) Limited (CCCUK), a forex and contracts for
difference (CFDs) brand that
has been in the industry for nearly two decades, has become insolvent. The
Financial Conduct Authority (FCA) disclosed today (Tuesday) that the brokerage
has entered bankruptcy administration.
CCCUK
Becomes Insolvent
The FCA in a
statement noted that it had appointed insolvency advisory firms, Begbies Traynor
(Central) LLP and AABRS Limited as joint administrators of CCCUK on Friday. The process is to be led by Gary Paul Shankland and Jamie Taylor from the first
firm and Christopher Andersen from the second.
The
watchdog said the move follows an application for administration by the
directors of CCCUK. The FCA register shows CCCUK was led by Raymond Yip as the
Chief Executive Officer.
However, the FCA in its statement did not state why CCCUK went bankrupt. This is even as the
watchdog’s register shows that the company, which provided online dealing
services to private investors, institutions, banks and brokerages, applied to
cancel its authorization. The register also noted that CCCUK operated under the
trading names, CIX Markets and Markets Trader.
“The Joint
Administrators are responsible for managing claims against CCCUK and returning
funds to customers where possible,” the FCA stated
in the statement.
“Customers should receive more information from them shortly, including details
on how to make a claim.”
CCCUK in its financial report for the year ended December 2021 reported a decrease of 41% in its margin-in compared to its performance in the previous fiscal year. Margin-in
is a metric that measures a company's profitability by calculating the
difference between the price at which a product is sold and the cost of production.
“The Group
recorded a loss in the year ended 31 December 2021 during which time the global
economy has suffered as a result of the Covid-19 pandemic coupled with various
government strategies to manage it,” Yip explained in the company’s financial
report filed with the UK Companies House in September last year. “Should losses continue to be made
without additional capital being provided, the company may breach the
regulatory capital resources requirement which in turn may lead to supervisory
action by the Financial Conduct Authority.”
CCCUK
Ceases Trading
The launch
of the bankruptcy administration comes as the FCA on June 20th, 2023, placed
restrictions on CCCUK's permissions to prevent it from carrying
out any regulated activities. The financial markets
supervisor also
demanded that the firm preserve its clients' money. In
addition, the FCA ordered
the firm to place a notice on its website informing clients that it was no
longer permitted to conduct regulated activities and that all client positions will be
closed.
A check by Finance Magnates shows the firm’s website now runs a message that says CCCUK
“has ceased to trade.” In one of the frequently
asked questions (FAQS) on its
website, CCCUK wrote that the joint administrators
in eight weeks’ time are required to submit proposals
detailing, among other things, expected returns to creditors and the reason the firm entered into administration.
CCCUK was
incorporated on December 19, 2001, as Smart Link Financial Services (UK)
Limited. However, the firm stopped using the name in October 2002, according to details specified at the UK
Companies House.
Solomon Oladipupo is a journalist and editor from Nigeria that covers the tech, FX, fintech and cryptocurrency industries. He is a former assistant editor at AgroNigeria Magazine where he covered the agribusiness industry. Solomon holds a first-class degree in Journalism & Mass Communication from the University of Lagos where he graduated top of his class.
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
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20-22 MAY 2024
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa