Exclusive: TIO Markets sees departure of longtime CEO Damian McDowell
FNG Exclusive… FNG has learned that Damian McDowell has left TIO Markets, after serving as CEO of the Retail FX and CFDs broker for the past five years.
Damian McDowell joined the FCA regulated TIO Markets UK Limited – then known as FXPrimus Capital Markets UK – in 2016 from KapSecure Asset Management, where he was COO.
FNG spoke with a TIO Markets representative, who told us:
“Damian McDowell left the TIOmarkets family at the end of February. In his capacity as CEO of the UK entity, Damian also supported and advised regarding compliance and regulatory matters in relation to the company’s FCA regulation. The company and all members of the team thank Damian for his service to the company and wish him every success for the future.”
TIO Markets operates both an onshore, FCA regulated business and an offshore unit based in Saint Vincent and the Grenadines. While Mr. McDowell was based in London, most of the company’s functions are run from Cyprus. The company is controlled by Malaysian businessman Manmohan Singh Balbir Singh, who also owns Cyprus based Retail FX broker FXPrimus.
The group’s FCA regulated entity, TIO Markets UK Limited, has just one current director listed, non-executive director Damien Francis. Mr. Francis, whose Retail FX experience includes acting as head of marketing for ODL Securities, and CEO-Europe for MIG Bank (acquired by Swissquote), has also served as a longtime director for Playtech owned, CySEC licensed Safecap Investments Ltd, which operates rival Retail FX firm Markets.com.