FCA appointed joint administrators for the firm last Friday.
CCCUK operated under the trading names CIX Markets and Markets Trader.
City Credit
Capital (UK) Limited (CCCUK), a forex and contracts for
difference (CFDs) brand that
has been in the industry for nearly two decades, has become insolvent. The
Financial Conduct Authority (FCA) disclosed today (Tuesday) that the brokerage
has entered bankruptcy administration.
CCCUK
Becomes Insolvent
The FCA in a
statement noted that it had appointed insolvency advisory firms, Begbies Traynor
(Central) LLP and AABRS Limited as joint administrators of CCCUK on Friday. The process is to be led by Gary Paul Shankland and Jamie Taylor from the first
firm and Christopher Andersen from the second.
The
watchdog said the move follows an application for administration by the
directors of CCCUK. The FCA register shows CCCUK was led by Raymond Yip as the
Chief Executive Officer.
However, the FCA in its statement did not state why CCCUK went bankrupt. This is even as the
watchdog’s register shows that the company, which provided online dealing
services to private investors, institutions, banks and brokerages, applied to
cancel its authorization. The register also noted that CCCUK operated under the
trading names, CIX Markets and Markets Trader.
“The Joint
Administrators are responsible for managing claims against CCCUK and returning
funds to customers where possible,” the FCA stated
in the statement.
“Customers should receive more information from them shortly, including details
on how to make a claim.”
CCCUK in its financial report for the year ended December 2021 reported a decrease of 41% in its margin-in compared to its performance in the previous fiscal year. Margin-in
is a metric that measures a company's profitability by calculating the
difference between the price at which a product is sold and the cost of production.
“The Group
recorded a loss in the year ended 31 December 2021 during which time the global
economy has suffered as a result of the Covid-19 pandemic coupled with various
government strategies to manage it,” Yip explained in the company’s financial
report filed with the UK Companies House in September last year. “Should losses continue to be made
without additional capital being provided, the company may breach the
regulatory capital resources requirement which in turn may lead to supervisory
action by the Financial Conduct Authority.”
CCCUK
Ceases Trading
The launch
of the bankruptcy administration comes as the FCA on June 20th, 2023, placed
restrictions on CCCUK's permissions to prevent it from carrying
out any regulated activities. The financial markets
supervisor also
demanded that the firm preserve its clients' money. In
addition, the FCA ordered
the firm to place a notice on its website informing clients that it was no
longer permitted to conduct regulated activities and that all client positions will be
closed.
A check by Finance Magnates shows the firm’s website now runs a message that says CCCUK
“has ceased to trade.” In one of the frequently
asked questions (FAQS) on its
website, CCCUK wrote that the joint administrators
in eight weeks’ time are required to submit proposals
detailing, among other things, expected returns to creditors and the reason the firm entered into administration.
CCCUK was
incorporated on December 19, 2001, as Smart Link Financial Services (UK)
Limited. However, the firm stopped using the name in October 2002, according to details specified at the UK
Companies House.
City Credit
Capital (UK) Limited (CCCUK), a forex and contracts for
difference (CFDs) brand that
has been in the industry for nearly two decades, has become insolvent. The
Financial Conduct Authority (FCA) disclosed today (Tuesday) that the brokerage
has entered bankruptcy administration.
CCCUK
Becomes Insolvent
The FCA in a
statement noted that it had appointed insolvency advisory firms, Begbies Traynor
(Central) LLP and AABRS Limited as joint administrators of CCCUK on Friday. The process is to be led by Gary Paul Shankland and Jamie Taylor from the first
firm and Christopher Andersen from the second.
The
watchdog said the move follows an application for administration by the
directors of CCCUK. The FCA register shows CCCUK was led by Raymond Yip as the
Chief Executive Officer.
However, the FCA in its statement did not state why CCCUK went bankrupt. This is even as the
watchdog’s register shows that the company, which provided online dealing
services to private investors, institutions, banks and brokerages, applied to
cancel its authorization. The register also noted that CCCUK operated under the
trading names, CIX Markets and Markets Trader.
“The Joint
Administrators are responsible for managing claims against CCCUK and returning
funds to customers where possible,” the FCA stated
in the statement.
“Customers should receive more information from them shortly, including details
on how to make a claim.”
CCCUK in its financial report for the year ended December 2021 reported a decrease of 41% in its margin-in compared to its performance in the previous fiscal year. Margin-in
is a metric that measures a company's profitability by calculating the
difference between the price at which a product is sold and the cost of production.
“The Group
recorded a loss in the year ended 31 December 2021 during which time the global
economy has suffered as a result of the Covid-19 pandemic coupled with various
government strategies to manage it,” Yip explained in the company’s financial
report filed with the UK Companies House in September last year. “Should losses continue to be made
without additional capital being provided, the company may breach the
regulatory capital resources requirement which in turn may lead to supervisory
action by the Financial Conduct Authority.”
CCCUK
Ceases Trading
The launch
of the bankruptcy administration comes as the FCA on June 20th, 2023, placed
restrictions on CCCUK's permissions to prevent it from carrying
out any regulated activities. The financial markets
supervisor also
demanded that the firm preserve its clients' money. In
addition, the FCA ordered
the firm to place a notice on its website informing clients that it was no
longer permitted to conduct regulated activities and that all client positions will be
closed.
A check by Finance Magnates shows the firm’s website now runs a message that says CCCUK
“has ceased to trade.” In one of the frequently
asked questions (FAQS) on its
website, CCCUK wrote that the joint administrators
in eight weeks’ time are required to submit proposals
detailing, among other things, expected returns to creditors and the reason the firm entered into administration.
CCCUK was
incorporated on December 19, 2001, as Smart Link Financial Services (UK)
Limited. However, the firm stopped using the name in October 2002, according to details specified at the UK
Companies House.
Solomon Oladipupo is a journalist and editor from Nigeria that covers the tech, FX, fintech and cryptocurrency industries. He is a former assistant editor at AgroNigeria Magazine where he covered the agribusiness industry. Solomon holds a first-class degree in Journalism & Mass Communication from the University of Lagos where he graduated top of his class.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 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
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 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
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!