LeapRate Exclusive… After we exclusively reported back in February that leading Australia based retail forex and CFDs broker Pepperstone suspended all activity in its FCA-regulated UK subsidiary Pepperstone Limited, a week ago LeapRate has shared that the company has finalized its management and operational changes and is now once again open for business in the UK.
When the company had decided to make certain changes to its UK personnel, operations, management structure and processes, to comply with its FCA obligations, Pepperstone had to temporarily suspend trading for clients in the UK until all of the changes were completed and the additional resources put in place.
What’s new now that the company has reopened is that the company’s clients in the UK as well as throughout Europe (EEA) are required to close their Pepperstone AU (Australian-based entity Pepperstone Group Limited) trading account(s) and transfer it(them) to Pepperstone UK.
Because you reside in the European Economic Area (the FCA’s jurisdiction), you unfortunately won’t be able to continue trading under Pepperstone AU, says the official notice.
You will still have full access to trade on your Pepperstone AU account(s) up until close of business Friday the 25th of August 2017, when your account(s) will be moved to ‘Close Only’ mode. Close Only means you cannot open any new positions, only close existing positions.
You will be able to manage your existing positions until close of business Friday the 8th of September 2017, when any remaining open trades will be closed and your Pepperstone AU trading account will no longer be available for use.
Pepperstone promises to return any client money balances remaining on your account by no later than Friday the 15th of September 2017.