UK traders looking to open accounts with the brokerage Capital.com might face a temporary setback. The company’s FX/CFD trading website has recently stopped accepting new client registrations under the Capital Com (UK) Limited division.
Capital.com Halts the Onboarding of New UK Clients, Maintains License
The decision comes despite the firm holding an active authorisation from the UK’s Financial Conduct Authority (FCA) since 2018, indicating that its operating license remains unaffected.
Prospective clients in the UK are notified on the Capital.com website, indicating a temporary pause in new client onboarding. The notice explains the company’s rapid growth and commitment to maintaining high service standards.
“As we have rapidly expanded, it’s crucial for us to ensure that our systems, controls, products, and services meet the expectations of our clients, management, shareholders, and regulatory bodies,” Capital.com stated.
An email sent to Finance Magnates confirmed the suspension, highlighting the company’s intent to preserve an unmatched service quality for its current UK clientele amid significant growth in new and evolving markets.
While the company has not provided a specific timeline for when it will resume accepting new UK clients, it assures that the trading activities of existing clients will remain uninterrupted, allowing for regular deposits, withdrawals, and trading operations.
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The Financial Conduct Authority’s register verifies that Capital Com (UK) Limited’s licensing is in good standing, having been originally issued in 2018.
Capital.com disclosed its latest financial outcomes for the fiscal year 2022 in a report published in September 2023. The broker reported earnings of £4.13 million and revenue of £29.11 million for the year, effectively doubling its financial achievements compared to the prior year.
The year 2022 was particularly notable for Capital.com, marking a period of significant success under the leadership of the newly appointed CEO, Peter Hetherington. Hetherington, who assumed the role in May 2022, succeeded Jon Squires and brought with him extensive experience from his previous position as CEO of the London-based, publicly traded brokerage IG Group.
