In liquidation 02 September 2019
FIXI plc (FIXI) was placed into liquidation on 31 May 2019. Nigel Rackham and Michael Jervis of PricewaterhouseCoopers (PwC) have been appointed as Liquidators.
FIXI was an online brokerage providing trading platforms to professional, institutional and retail clients since its incorporation in 2005, which included providing its clients with market access to Foreign Exchange (FOREX), Contracts for Difference (CFDs) and Financial Spread Betting.
On 20 December 2018, FIXI voluntarily agreed to have its regulatory permissions varied (VREQ). FIXI agreed not to conduct any regulated activities without the prior written consent of the Financial Conduct Authority (FCA). The FCA also instructed FIXI to close all open trading positions.
On 1 May 2019, a board meeting of the Directors decided to place FIXI in liquidation.
See our investment compensation limits and their conditions on our Investments page.
Download the Determination papers (pdf 1MB).
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31 Oct, 2019
FIXI was declared in default on 30 August 2019. We’re pleased to announce that we’ll be able to protect those eligible claimants – individuals and small businesses - whose money has not been returned.
We’ve reached this decision because of the type of investment, and because of the way the investment was held. We can cover client money shortfalls for eligible customers with valid claims up to our compensation limit of £85,000.
We are working with the liquidators to put together a process for returning funds and hope to be in a position to start returning money very soon.
15 Aug, 2019
FSCS has been in contact with PwC and understands that the process of returning client money to customers following the VREQ reunited some retail customers with their money. It was not possible, however, to return client money to all FIXI’s customers.
FSCS can cover client money shortfalls for eligible customers with protected claims, up to our compensation limit of £85,000. Generally, individuals and small businesses are eligible customers.
Currently FSCS is working closely with PwC so that we can determine whether we will be able to compensate customers of FIXI. Once this has been established, we will update this page.
Customers who have money with FIXI which has not been returned to them do not need to do anything. At this stage there is no need for customers to make a claim with FSCS. FSCS and PwC will provide further updates when we have them. Customers should subscribe above to receive the latest email updates on FIXI.