FNG Exclusive… FNG has learned that Retail FX and CFDs broker Finveo has relinquished its FCA license, and will no longer be operating in the UK market. The broker’s website finveo.co.uk now carries an “Under Construction” message.

The group’s two most senior officers in the UK, CEO Iain Rogers and Head of Compliance Nelson Ejoh, have both left the company. Mr. Ejoh has since joined sports betting company Sporting Group as its new Head of Compliance and MLRO.

Finveo UK was set up in 2018 and received its FCA license in early 2020. The company is a subsidiary of Turkish firm Inveo Investment (IST:INVEO), which is controlled by Turkish businessman Erhan Topac.

This marks the second international Retail FX broker to withdraw from the UK market in as many months. FNG had exclusively reported in mid July that UAE based ADSS had also given up its FCA license, and had withdrawn from the UK retail trading market.

As was also reported exclusively by FNG in 2021, Iain Rogers was hired to lead Finveo UK and build out the broker’s operations in the UK. He was previously CEO of another Turkey-controlled Retail FX firm, GKFX, leaving after GKFX UK decided to focus exclusively on institutional business (rebranded as GKPro) while moving the retail brokerage business under the GKFX banner to a Malta subsidiary. Before joining GKFX Iain Rogers was briefly at GMI-UK, served as Managing Director of Pepperstone UK (2017-2019), and was CEO of Admiral Markets UK (2015-2017).

The group is continuing to run the Finveo brand and the finveo.com website under a license from Montenegro’s financial regualtor.

Inveo Investment is a holding company focusing on “value investment” and having a variety of businesses with weight on capital markets, including its Turkish Capital Markets flagship operation Gedik Investment Securities. The group also operates Marbas Securities (TR), Finveo (Montenegro) and the newly established INVEO Bank.