LeapRate Exclusive… LeapRate has learned that Australia based Retail FX and CFDs broker Pepperstone has taken another major step in re-opening its FCA regulated UK arm, Pepperstone Limited, hiring a new Head of UK Compliance in the person of Zack Ioannou.
Zack Ioannou, Pepperstone
Zack Ioannou joins Pepperstone from GCM Prime, where he has also been the designated compliance officer for the past two years. Before moving to London with GCM Prime in 2015 he worked in a variety of management roles at a number of Cyprus based FX brokers including Easy Forex (now easyMarkets) and FxPro.
The move comes as Pepperstone is finalizing moves to renew activity in its FCA regulated UK arm. LeapRate had exclusively reported back in February that Pepperstone has suspended trading for clients in its UK subsidiary as the company is making some changes to its management structure and processes, and bringing on some additional resources in its UK office. To comply with its FCA obligations Pepperstone has had to temporarily suspend trading in the UK until all of the changes are complete and the additional resources are in place.
Pepperstone has also added Iain Rogers, former CEO of Admiral Markets UK, as the Managing Director of its UK arm and a board member of Pepperstone Limited.
LeapRate had also exclusively reported last September on Pepperstone’s somewhat quiet entry into the FCA regulated broker market. Pepperstone acquired what is now its UK subsidiary from online entrepreneur Mohammed Tayeb, who alongside his broker Omar Tayeb established an FCA regulated shell with plans to launch a retail forex brokerage called 123FX.com. The business was never launched, and instead was sold to Pepperstone in late 2015. A visit to www.123fx.com leads directly to Pepperstone’s website.
Pepperstone received last year a multi million dollar investment from CHAMP Private Equity, one of Australia’s leading private equity firms. Following that announcement we ran an interview with Pepperstone CEO Owen Kerr in which he mentioned that they were making plans to expand into Europe.