LeapRate Exclusive… LeapRate has learned that Australia-based retail forex broker Pepperstone has suspended trading for clients in its UK subsidiary Pepperstone Limited.
LeapRate had exclusively reported last September on Pepperstone’s somewhat quiet entry into the FCA regulated broker market. Pepperstone acquired what is now its UK subsidiary from online entrepreneur Mohammed Tayeb, who alongside his broker Omar Tayeb established an FCA regulated shell with plans to launch a retail forex brokerage called 123FX.com. The business was never launched, and instead was sold to Pepperstone in late 2015.
A visit to www.123fx.com leads directly to Pepperstone’s website.
Pepperstone recently last year a multi million dollar investment from CHAMP Private Equity, one of Australia’s leading private equity firms. Following that announcement we ran an interview with Pepperstone CEO Owen Kerr in which he mentioned that they were making plans to expand into Europe.
So what happened?
We have been informed by industry sources that Pepperstone is making some changes to its management structure and processes, and bringing on some additional resources in its UK office. To comply with its FCA obligations Pepperstone has had to temporarily suspend trading in the UK until all of the changes are complete and the additional resources are in place.
We will continue to follow this story as it develops.