The company's license was withdrawn in October 2018.
The Cyprus Securities Exchange Commission (CySEC) today issued an announcement regarding clients of PFX Financial Professionals Ltd, a company which operated through www.fxfinpro.com and www.finproinvest.com.
The company's CIF authorization has been withdrawn since October 2018. CySEC explains that, until today, the company has not settled its obligations relating to the investments and ancillary services provided to her customers, although she should have done so in accordance with the law.
CySEC has verified that the company (as a member of the Investor Compensation Fund) is currently unable to fulfill its obligations arising from investor claims and is not ; has no anticipated prospect of being able to do so.
Following today’s announcement from CySEC, the Fund will publish, in at least two newspapers with national (Cypriot) coverage, an invitation to submit claims for compensation, stating the procedure for submitting the relevant requests, the deadline for their submission and their content. This publication will also be published on the CySEC website.
All affected customers are invited to study the DI87-07 directive (R.A.D.76 / 2019) as well as the information for the submission of compensation claims and to take all appropriate measures for the submission of their claims.
In October 2018, CySEC decided to completely withdraw the authorization of the Cypriot investment company from PFX Financial Professionals Ltd due to the company's non-compliance with Article 28 (1) of the law, as it did not comply at all times with the authorization and the operating conditions provided for people who effectively manage the activities of a CIF and organizational requirements). The company has also failed to comply with Article 36 (1) (a) of the Law (conduct of business obligations when providing investment services to customers) and with the law. ; article 114 of the law (presentation of CIF financial accounts), as well as article 139 (1) of the law (submission to CySEC of correct, complete and exact information).