ICM.com Increases Client Protection with Lloyd’s £5.0M Coverage

UK-based brokerage ICM.com has bolstered the protection of its clients’ insurance measures, bringing all client funds under the protection of up to £5.0 million ($6.23 million), according to a company statement.

The broker, which is licensed by the UK Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term), is required by law to provide up to £50,000 per client under the Financial Services Compensation Scheme (FSCS) in case of its default.

The new insurance is underwritten by Lloyd’s of London, one of the world’s leading insurance organizations. The service is available to all clients of the broker at no additional cost. It’s not clear, however, if they need to submit an application in order to benefit from the new protection fund.

“ICM’s Civil Liability Insurance Programme can provide compensation under a claim made against ICM of financial loss caused from an error, omission, negligence, fraud or the failure to perform its activities or services, for up to £5,000,000 (any one loss and in the Aggregate including defence costs and expenses),” the company said in a statement.

Other brokers in Europe and the UK offer varied levels of protection, but they seldom cross the £1 million threshold. Across a more broad-based field, brokerages from around the industry typically rely on the use of insurance policies or strong capital backstops.

Back in 2016, ICM.com (Formerly ICM Capital) revealed that it has become an official sponsor of the England Polo Team at Chestertons Polo in the Park. As part of the deal, the firm’s logo is placed on the front-side of all Team England polo shirts as the team’s main sponsor.

ICM.com is a multi-national Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFD trading company with headquarters in London, and offices in Europe, the Middle East, and Asia. Since being founded, the firm has been authorized and regulated by the Financial Conduct Authority (FCA). Back in August 2018, the company rebranded itself from ICM Capital to ICM.com to represent all of the firm’s group entities under one brand.