Homepage > News > FSCS will pay off clients of the UK branch of AFX Markets and STO

FSCS will pay off clients of the UK branch of AFX Markets and STO

Investors who had accounts on AFX Markets can count on the payment of funds from the British compensation fund. FSCS is expected to contact those who requested a refund shortly. 

The collapse of the British branch of AFX Markets and its broker STO led to losses estimated at over £7.3 mln. According to the information published by the Financial Services Compensation Scheme (FSCS), customers whose money was in the company’s accounts were eligible for compensation.

The FSCS completed an initial review of the activities of AFX Markets Ltd. The Authority concluded that the case was complex enough that it had to be considered on a case-by-case basis. In some cases, it may be necessary to complete an additional form. FSCS is to contact clients and instruct them on how to file a complaint online.

We’re sorry that it’s taken some time to reach this stage and we’re grateful for your patience. – FSCS posted on its website.

The collapse of AFX Markets and STO

AFX Capital Markets, along with its STO broker, went bankrupt at the turn of July and August 2019. Its assets have been seized by regulators in Cyprus and the United Kingdom. It turned out, however, that there is no money belonging to the clients in the AFX accounts. Of the £7,665,711 that should have been in the company’s accounts, only £432k has been secured. The reported claims amounted to almost 14 million pounds.

The clients of the bankrupt broker faced many difficulties on their way to recover their funds. The situation of persons registered in the British and Cypriot branches of the company was different. Cyprus customers were in a much less transparent position but could apply to the Cyprus Guarantee Fund (CIF). The deadline for submitting complaints was September 30, 2020.

Author: Izabela Kamionka

Are you a trader?

Help others and rate your broker! Use the search engine or find your broker on the list.


Last news:

xtb broker

XTB MENA receives the DFSA license

X-Trade Brokers, better known as XTB, has obtained a third-class license from the Dubai Financial ...
Read More
Cypriot financial regulator cysec

CySEC suspends the license of the parent company of the FXGM broker

The Cyprus Securities and Exchange Commission (CySEC) suspended the license of the investment company Depaho ...
Read More
the Chinese province will test the common welfare policy, i.e. redistribution of income

Will Chinese stocks disappear from the US stock markets?

W obliczu nowych regulacji związanych z audytami spółek zagranicznych notowanych na giełdach w USA, Chiny ...
Read More
SCAM Alert

Watch out for: “to recover funds, transfer us 10%”

Fake Forex brokers and their partners have developed another tactic for extorting client funds. It ...
Read More

Add a comment

Your email address will not be published. Required fields are marked *


Note: Opinions and posts on represent personal opinions and views of their respective authors and should not be interpreted as recommendations to purchase or sell securities. assumes no responsibility or liability for such content.
Go to top