FIXI Traders Still Waiting For Lost Funds

Finance Magnates learned on Tuesday that clients of now-defunct retail broker FIXI PLC are still waiting for their funds to be returned, eight months after the firm was shut down.

Based in London, the broker was regulated by the Financial Conduct Authority but, after being unable to meet financial Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term, was forced into administration last December, with the British regulator also freezing the company's funds.

Two months after that, Finance Magnates found that some clients were getting their money back after the FCA unfroze FIXI's funds. This was being done, however, at a slow pace and rather haphazardly.

And half a year later, it seems that some clients still haven't received their cash. More worryingly, they are also not receiving any help - either from financial authorities or FIXI's administrators.

"I have applied to the FCA, Ombudsman UK, the Financial Services Compensation Scheme and Citizens Advice UK for help," said one ex-FIXI trader. "I can tell you that no one wants to help. They have just been passing me around in a circle since December."

Still waiting

One ex-account holder also told Finance Magnates that an email sent in March by PwC, FIXI's liquidator, was sent to approximately 100 email addresses. That email contained information about the administration process and was, it seems, intended for traders affected by FIXI's collapse.

Aside from potentially handing out the email addresses of former account holders, this also suggests that there are still a substantial number of traders who have yet to receive their funds.

One of the former FIXI traders that Finance Magnates spoke to had just under 1400 euros ($1,566) deposited with the broker when it ceased operations.

"I was trading with a professional account and tried to withdraw in mid-December," said the trader. "Customer service said I couldn't do that and then I didn't hear anything until March when I got the email from PwC."