Exclusive: Flowbank bankruptcy will see just 70%-80% refund to third class claims
Flowbank liquidator Walder Wyss is still seeking a potential buyer for London Capital Group (LCG).
Flowbank liquidator Walder Wyss is still seeking a potential buyer for London Capital Group (LCG).
LCG moved to an Introducer model under new managers Dave Worsfold and Matt Basi in 2023.
LCG decided to become an introducing broker under new managers Dave Worsfold and Matt Basi.
The LCG board reports that the Introducing Broker business has accelerated during 2024, and will allow LCG to show a profit for H2 2024.
Swiss regulator FINMA: FlowBank no longer has the minimum capital required for its operations, fears that the bank is over-indebted.
The problems at LCG come just days after FNG reported exclusively that LCG had made a decision to move to an introducing-broker model only.
Starting July 1, LCG will effectively become an introducing broker to (former) rival IG Group (LON:IGG).
At the end of 2022 LCG brought in a new management team to run the company, led by new CEO Dave Worsfold.
LCG said it will be partnering with industry-leading providers, so that its clients can access the best products, technology and pricing.
LCG is controlled by Swiss neobank Flowbank SA, which is run by former LCG CEO Charles-Henri Sabet.