LeapRate Exclusive… The FCA-regulated broker ranks continue to get more crowded. LeapRate has learned that London-based MT4 forex, CFD and spreadbetting broker Capital Index has received an FCA license, in addition to the CySEC CIF license under which it has been operating since late last year.
Capital Index used regulatory consultant ComplyPort as its adviser through the process.
Capital Index was founded in 2014 by Rob Woolfe, who left his position as Head of FX and a member of the executive management committee at ETX Capital in late 2013 to set up his own company.
The company, as noted above, initially incorporated in Cyprus and received a CySEC license in late 2014. As from Day 1 their business has been focused on the UK (see stats below), it was always ‘the plan’ for the company to add FCA regulation to its existing CySEC license once it grew.
Capital Index has about 5,500 active clients and holds millions of dollars in client funds. About half of its clients / revenues are from the UK, with about 20-25% from each of Australia and South Africa, where the company has representative agreements with licensed parties in those jurisdictions.
In addition to building its business, Capital Index has been growing its management ranks, most recently adding Andrew Palmer, former Global Marketing Director at CMC Markets, to a similar role as Head of Marketing at Capital Index.
Capital Index CEO Rob Woolfe told LeapRate that the company began preparations with ComplyPort for the FCA regulation process back in February, created its Capital Index UK subsidiary in April, submitted their FCA application in June, and now six months later have their license.
In Woolfe’s view, adding FCA regulation gives the company an additional measure of credibility, especially when it comes to UK-based clients.