Foreign Currency Innovations Ltd, trading as FCI Markets
Under investigation 12 June 2024
FRN: 616985
You might be eligible for compensation
Foreign Currency Innovations Ltd, trading as FCI Markets (FCI) has been authorised by FCA since July 2014.
FCI offered a range of brokerage services including contracts for differences, rolling spot currency contracts and spread bets.
FCI entered creditors’ voluntary liquidation on 10 March 2023 with James Patchett of Turpin Baker Armstrong and Stephen Katz of Begbies Traynor appointed as Joint Liquidators.
Latest updates
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02 Dec, 2024
We have now finished our investigations into Foreign Currency Innovations Ltd (FCI).
All submitted claims made against FCI will now be moved to our claims processing teams for assessment. Each claim will be considered on a case-by-case basis, to determine whether it is eligible for compensation or not.
If you think you may have a claim against FCI, you can click the Check if you can claim button to start the process.
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12 Jun, 2024
FSCS has been working with the Joint Liquidators to understand whether there are likely to be any valid claims that would allow us to pay compensation. We will now be opening our online claims service to claims.
The documentation that the Joint Liquidators have been able to get from FCI and send to us to help with our investigation has been limited. So, we’re asking customers to send us the following evidence to help us process their claim:
- Copies of contracts with FCI (terms of business or client agreements),
- Evidence of investments made / positions held,
- Bank statements showing monies transferred to or received from FCI,
- Annual statements
- Brochures or any other promotional material provided by FCI,
- Copies of any complaints made to FCI, along with any responses received,
- Any other correspondence with the firm in relation to the investments made / positions held;
- Professional clients who believe they ought to have been categorised as retail clients should provide any relevant questionnaires and explain why they believe they have been miscategorised, whether they were aware of being miscategorised and copies of correspondence on this.
Although we are accepting claims against FCI, they will not be immediately passed to our claims processing teams for assessment. This is because we are still investigating the firm to see if any claims meet the qualifying conditions for compensation, and this may take some time.We will provide updated information via this webpage as our investigation progresses.