London Capital Group Limited is part of the currently troubled FlowBank.
However, the company's board is taking actions to ensure profitability in 2024.
The UK
branch of LCG published its financial results for 2022, showing an increase in
revenue but a deepening net loss. The company managed to earn just under £2
million, which is 25% more than the £1.6 million reported the previous year.
LCG Increases Net Loss in
2022
London
Capital Group Limited, which is directly owned by FlowBank, is responsible for
LCG's operations in the UK. The parent company, however, has been in
liquidation since June 2024 following a decision by the Swiss regulator.
For a brief
period, the British FCA imposed restrictions on LCG, preventing them from
onboarding new clients or accepting their funds. This restriction was lifted in
mid-July. Nevertheless, the company is feeling the effects of the main
company's bankruptcy. In the meantime, the Bahamas branch was closed, citing
FlowBank's problems as the direct cause.
Returning
to LCG UK itself, while other companies are reporting results for 2023, this
entity is only now releasing figures for 2022. According to the latest report
published this week in Companies House, revenue increased by 25% to £2 million,
up from £1.6 million.
At the
operational level, however, LCG UK reported a loss of £3.7 million, shrinking
by almost £2 million from 2021 levels. As a result, the net loss for the entire
2022 amounted to £2.4 million, deepening by 30% from the previously reported
£1.7 million.
“Revenues
during the accounting period were generated from a ‘back-to-back’ arrangement
with FlowBank which saw LCG's risk hedged one-for-one with FlowBank,” the
report explains. “In turn, FlowBank paid LCG fees for trading volume
generated.”
According
to the forecasts included in the report, the board plans to “put LCG back
on the path to profitability” in the current year.
LCG UK For Sale
At the end of last month, the liquidators of FlowBank issued a letter stating their intention to sell a 100% stake in LCG UK and to cease the operations of its affiliated entity in the Bahamas.
“In respect
of LCG UK, the liquidators are currently seeking a potential purchaser who
would be interested in acquiring all the shares in LCG,” the liquidators from
Walder Wyss Ltd stated, adding that “in respect of LCG Bahamas, the liquidators
wish to discontinue the operation of LCG Bahamas.”
They also noted that they plan to terminate the activities of LCG Bahamas. According to the most recent update, FlowBank had around 9,000 accounts with secured deposits, amounting to roughly CHF 53.5 million. By last week, the liquidators had reimbursed about 5,800 accounts with nearly CHF 45 million, which constitutes approximately 84% of the total secured deposits.
The UK
branch of LCG published its financial results for 2022, showing an increase in
revenue but a deepening net loss. The company managed to earn just under £2
million, which is 25% more than the £1.6 million reported the previous year.
LCG Increases Net Loss in
2022
London
Capital Group Limited, which is directly owned by FlowBank, is responsible for
LCG's operations in the UK. The parent company, however, has been in
liquidation since June 2024 following a decision by the Swiss regulator.
For a brief
period, the British FCA imposed restrictions on LCG, preventing them from
onboarding new clients or accepting their funds. This restriction was lifted in
mid-July. Nevertheless, the company is feeling the effects of the main
company's bankruptcy. In the meantime, the Bahamas branch was closed, citing
FlowBank's problems as the direct cause.
Returning
to LCG UK itself, while other companies are reporting results for 2023, this
entity is only now releasing figures for 2022. According to the latest report
published this week in Companies House, revenue increased by 25% to £2 million,
up from £1.6 million.
At the
operational level, however, LCG UK reported a loss of £3.7 million, shrinking
by almost £2 million from 2021 levels. As a result, the net loss for the entire
2022 amounted to £2.4 million, deepening by 30% from the previously reported
£1.7 million.
“Revenues
during the accounting period were generated from a ‘back-to-back’ arrangement
with FlowBank which saw LCG's risk hedged one-for-one with FlowBank,” the
report explains. “In turn, FlowBank paid LCG fees for trading volume
generated.”
According
to the forecasts included in the report, the board plans to “put LCG back
on the path to profitability” in the current year.
LCG UK For Sale
At the end of last month, the liquidators of FlowBank issued a letter stating their intention to sell a 100% stake in LCG UK and to cease the operations of its affiliated entity in the Bahamas.
“In respect
of LCG UK, the liquidators are currently seeking a potential purchaser who
would be interested in acquiring all the shares in LCG,” the liquidators from
Walder Wyss Ltd stated, adding that “in respect of LCG Bahamas, the liquidators
wish to discontinue the operation of LCG Bahamas.”
They also noted that they plan to terminate the activities of LCG Bahamas. According to the most recent update, FlowBank had around 9,000 accounts with secured deposits, amounting to roughly CHF 53.5 million. By last week, the liquidators had reimbursed about 5,800 accounts with nearly CHF 45 million, which constitutes approximately 84% of the total secured deposits.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
MetaTrader 5 Now Supports over 40 Payment Options for Global Traders
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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