Exclusive: Former City Index COO Simon Bird joins Ikon Finance ahead of institutional FX relaunch

IKON Finance website

LeapRate Exclusive… LeapRate has learned that Simon Bird, who was COO of spreadbetting broker City Index for six years ahead of City Index’s 2015 acquisition by Gain Capital Holdings Inc (NYSE:GCAP), is “back in the game” joining the board of Ikon Finance Limited, the FCA regulated arm of the global Ikon Group, once one of the world’s largest Retail FX brokers.

Simon Bird

Simon Bird

For the past two-plus years since leaving City Index Simon Bird has been a Partner at Objectivus Financial Consulting, which provides risk, governance and compliance consulting services to clients in the financial services sector.

As was exclusively reported by LeapRate, Ikon Finance exited the Retail FX business earlier this year selling its client base to Hantec Markets following losses the company had last year and amid restrictions placed on Ikon Finance by the FCA. In March the FCA placed Ikon on “Closed to new business” status, requiring it to no longer accept new clients, to close out all existing client positions, and to return client funds.

The FCA’s actions against Ikon Finance were due to issues the regulator noted including:

  • IKON not having appropriate human and operational resources in place, including adequate governance and oversight of all functions,
  • IKON not having appropriate anti-money laundering (AML) systems and controls in place, and
  • IKON needs to obtain and verify up-to-date and risk-sensitive customer due diligence information for customers, in accordance with the Money Laundering Regulations 2007.

Ikon Finance remains, eight months later, on “Closed to new business” status by the FCA. Its website (see above) states Website is Under Construction – we’ll be here with a new website soon.

However we understand that the company, now under new management, is working to have its FCA status reinstated and is planning the (re-) launch of an institutional FX focused business early next year.

An Ikon Finance spokesman provided LeapRate with the following statement:

We are delighted that Simon has joined the Board of Ikon Finance. Given his immense experience in this industry, he will provide significant guidance to the re-launch of the business.

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