FNG Exclusive… FNG has learned that Marcus Scarlett has resigned as Non-Executive Chairman of Trive Financial Services UK Limited, the London based, institutional brokerage arm of the Trive online financial trading firm, which operated under the Trivepro brand.

Marcus Scarlett had served as Chairman of Trive UK since 2018. He was previously CFO of ETX Capital (later known as OvalX) and of Marex Spectron Group, and also served as COO of the London branch of Swedish financial services firm SEB.

The move is not too unexpected, after we had exclusively reported here at FNG back in July that the Trive group had applied to cancel its UK FCA license, as Trive apparently prepares to depart the UK (and institutional services) market, to focus on retail business. The application to cancel is still pending with the FCA. Trivepro had held its FCA license since 2010. The cancellation application came after Trivepro saw the departure earlier this year of its CEO Adam Dougall, as well as institutional sales head David Papier who joined CPT Markets.

Shravan Joshi MBE, an elected member of the Court of Common Council for Bishopsgate Ward, in the City of London Corporation, has also stepped off the board of directors of Trive UK.

Trivepro now has an interesting note posted on its website (trivepro.co.uk) regarding remaining client balances, which reads,

If you believe you might have remaining balances in your old account, Please contact us through info@trive.co.uk for us to check and transfer your remaining balance.

We no longer intend to treat your client money balance as client money in accordance with the FCA’s CASS Client Money Rules and donate the balance of your account to a UK Charity.

Trive is controlled by Turkish entrepreneur Kasim Garipoglu. The company underwent a rebranding from GKFX (and GKPro in the UK) to Trive last year.