CySEC confirms withdrawal of WS Financial and Investment Services from compensation fund
The Cyprus Securities and Exchange Commission (CySEC) today confirms that the Investors Compensation Fund (ICF) has withdrawn the ICF membership of WS Financial and Investment Services Ltd.
It is noted that, in accordance with paragraph 6(3) of the Directive, the loss of ICF membership status does not equal loss of rights of covered clients to receive compensation in relation to investment operations carried out until the loss of membership status, if the conditions for compensation are fulfilled pursuant to the Directive, nor does it obstruct the initiation of the compensation procedure for covered clients.
As FX News Group has reported, CySEC has recently withdrawn the Cyprus Investment Firm (CIF) authorisation of WS Financial and Investment Services Ltd. The decision was made at a CySEC meeting held on March 22, 2021. It is due to to the company’s decision to expressly renounce its license.
The website of the company displays the following notice:
“IMPORTANT COMPANY ANNOUNCEMENT
THE COMPANY HAS DECIDED TO TERMINATE ITS ACTIVITIES AND PROCEED WITH A VOLUNTARY RENUNCIATION OF ITS LICENSE.
The Company has already formally informed the Cyprus Securities and Exchange Commission about its above intention and has ceased to provide any investment and ancillary activities as of 29 January 2021”.