Independent Derivative Traders Ltd
Failed 31 August 2017
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25 Apr, 2022
The investigation into the operation of Independent Derivative Traders Ltd (IDT) has now been completed.
All remaining claims against the firm have been passed to our assessment teams for consideration and a decision outcome should be confirmed soon.
Due to the complex nature of the investigation, it has taken some time to reach this point. Thank you for your patience while we carried out our work.
21 Mar, 2022
Our investigation into the operation and actions of Independent Derivative Traders (IDT) is nearly complete. The issues being considered are complex and have taken some time to analyse. Thank you for your patience during this process.
FSCS’s legal team has been working closely with external legal counsel to look into the allegations and evidence surrounding IDT’s operations and the losses suffered by traders as a result of dealing with IDT and trading in various financial markets.
Outstanding claims will shortly be progressed by FSCS assessment teams. These claims will be assessed on a claim-by-claim basis to determine whether eligible claimants exist and if FSCS can pay compensation.
13 Jul, 2021
FSCS’s investigations into Independent Derivative Traders are continuing.
Right now, our legal team are working with the insolvency practitioner, Griffins, to get documentation that may help when considering customers' allegations. Specifically, whether any regulatory breaches may have occurred, and if these fall under the protection of FSCS rules.
21 May, 2021
Independent Derivative Traders Ltd (IDT) is a UK registered company (number 03038982) and was authorised by the FCA (number 186581).
IDT had permission to deal in investments as principal. On 25 November 2016, IDT was placed into compulsory liquidation. Griffins Insolvency Practitioners LLP have been appointed to wind-up the business. FSCS declared IDT in default on 31 August 2017.
FSCS has received claims from traders who used IDT’s services and who suffered losses as a result of their dealings with the company. We're currently investigating the allegations against IDT. These include further issues that have arisen, and whether we can provide cover under our rules for all the investors who have made claims to FSCS.
Further updates will appear on our website as the investigation into IDT progresses.