CAPITAL.COM Pauses Onboarding UK Clients

Multi-licensed online brokerage Capital.com has temporarily suspended onboarding new clients in the United Kingdom.

The company cited the need for an internal review to ensure its “systems, controls, products and services” meet the high standards expected by clients, regulators, and stakeholders.

A message on Capital.com’s website informs prospective UK clients of the pause. Existing clients are unaffected and can continue using the platform.

Capital.com did not provide a specific timeline for resuming new UK client registrations. A spokesperson for the company noted:

a spokesperson stated: “Capital.com has made the strategic decision to temporarily pause new client onboarding in the UK. This is to ensure we continue to deliver an uncompromised level of service to our existing clients in the UK as we experience rapid and unprecedented growth in new and emerging markets. This temporary pause will allow us to ensure all our systems, controls, products and services meet the stringent standards demanded by our valued clients, management, shareholders, and regulators. This is a proactive measure that aligns with our long-term vision of delivering sustainable growth and operational excellence. During this time, people resident in the UK who are not existing clients will not be able to open a new account with Capital Com UK Limited. All existing UK clients with an active account will not be affected and can continue to deposit or withdraw funds, add additional sub-accounts, and trade as normal. Capital.com continues to operate a full service in all other markets. We remain committed to supporting our clients and expect to start onboarding new clients again in the UK in due course.”

Strong UK Performance

Despite the pause, Capital.com’s UK business has seen significant recent growth. According to its latest reports, the company’s UK operating revenue doubled to £29.1 million in fiscal year 2022, compared to £15.4 million the prior year. Net profit also increased, reaching £4.1 million in 2022, up from £1.85 million in 2021.

Focus on Regulatory Compliance

Capital.com is regulated by several financial authorities, including the UK’s Financial Conduct Authority (FCA). The company has a history of senior hires to support its global expansion. In 2023, Kypros Zoumidou assumed the role of Group CEO, succeeding Peter Hetherington as part of a planned leadership transition.

This temporary pause in UK onboarding suggests Capital.com’s commitment to upholding regulatory standards and ensuring a high-quality client experience.