LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
FCA regulated retail forex and CFD broker INFINOX Capital Limited has announced that it has further raised the threshold of its clients’ insurance above the £50,000 compensation per customer provided by the Financial Services Compensation Scheme (FSCS), which is the fund of last resort for customers of UK authorised firms provided in case of a firm’s default or insolvency.
In a move to ensure higher security and peace of mind of its clients, and in addition to the protection afforded to retail investors by the FSCS, INFINOX has covered each retail client individually up to £1,000,000.
We had reported back in March that INFINOX took out client insurance protection up to £500,000, and now that has been increased to £1 million, as noted.
The insurance policy is underwritten by QBE Underwriting Limited and other participating syndicates and comes as standard, at no cost to INFINOX’s retail clients.
The main driver behind the purchase of such an insurance policy is to give additional confidence and assurance to retail clients that their money is protected above the compensation provisions of the FSCS, should the firm become insolvent and where there would be a shortfall in customer assets that they will be fully reimbursed even if their deposit exceeds the current compensation threshold of £50,000. Therefore, this insurance policy provides the investor far greater protection and compensation rights than ever before.
Robert Berkeley, INFINOX CEO explains this decision:
INFINOX has built a reputation as a major player in the Forex industry, through underpinning dynamic products with competitive trading parameters and a premium customer experience. At INFINOX, our core value is treating every single client as a partner. In the move to ensure even higher security and the confidence of our clients, we decided to raise our additional clients’ money insurance to £1,000,000 from the previous £500,000. This is our way to show what best practice is, and what integrity and premium client service actually means.
Details of the £1 million insurance protection afforded to INFINOX clients can be seen on the company’s website here.