Aggregated News From Investment Management Regulators

Cyprus CFD firms Maxiflex Ltd (trading as EuropeFX), Maxigrid Limited (trading as Dualix & AGM Markets), and Reliantco Investments Ltd (trading as UFX)


Please complete the required fields.

Removal of these firms’ permission to sell contracts for difference (CFDs) to UK consumers

UK consumers should be aware that these Cyprus registered firms no longer hold relevant permissions to conduct regulated activities with UK consumers. This follows FCA receipt of notifications from the Cyprus Securities and Exchange Commission (CySEC) about the provision of investment services by these firms, which operate under CySEC authorisation and have previously marketed into the UK utilising the EEA passport regime.

The CySEC notifications confirmed that these three CFD providers had decided to cease to provide any investment services in the UK as follows:

  • Maxiflex Ltd, as of 4 June 2020 (see our Register confirming “Status: Cancelled”);
  • Maxigrid Limited, as of 5 June 2020 (Register, “Status: Cancelled”); and,
  • Reliantco Investments Ltd, as of 11 June 2020 (Register, “Status Cancelled”).

Information for consumers with accounts at these firms

As of the relevant dates above, these firms are no longer permitted to open new accounts for consumers in the United Kingdom.

Existing UK account holders with open positions and/or cash balances should review notifications provided on the respective firms’ websites and/or firm communications to UK clients sent by email or available at account log-in.

The firms should clearly set out the process and timelines for their ongoing interactions with their existing UK-based customers.

Complaints procedure

UK consumers who are not satisfied with any aspect of the handling of their trading accounts should first complain to the firm directly.

The firm must acknowledge receipt of your complaint within five days and then provide a material response within two months, telling you whether the complaint has been successfully resolved or why they need more time to look in to it (up to a maximum of three months from the day of complaint).

If you are not happy with the firm’s response, or they fail to respond, you can ask the Cyprus Financial Ombudsman to consider your complaint.

Fuller detail of the Cypriot complaints process is available on the CySEC website here.

Regulator Information

Regulator Name: Financial Conduct Authority
Abbreviation: FCA
Jurisdiction: United Kingdom

Recent Articles

Feedback Statement on Funding Financial Regulation and Designated Business Oversight

Published on: 14 May 2021 The Isle of Man Financial Services Authority has today published a Read more

Solid Invest

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

Vision Introducer Ltd t/a Money Bonds Market (Clone of former Appointed Representative firm)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out...

CSA and IIROC issue reminder of the implementation date for mandatory transparency requirements related to debt securities

The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) remind banks of mandatory transparency requirements that take effect on...

Get the latest from Regulatory.News in your inbox!