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CFI Receives FCA License, Opens UK Subsidiary

Source:financemagnates Thursday, 17 October 2019 00:39:56

Lebanese retail broker CFI announced on Wednesday that it has opened a fully-regulated subsidiary in London.

The company had a branch in the UK previously but this was part of its Cyprus-regulated entity.

Opening the new office means the broker’s customers have all of the protections that the Financial Conduct Authority’s regulations provide. It also increases the prestige of the company and will allow it to better serve the needs of British clients.

“The upgrade from a branch to a subsidiary boosts the image of CFI in the UK and beyond,” said CFI UK CEO Richard Wynn.

“As a British firm regulated by the FCA, I am confident this new step will enhance CFI’s market share in the UK and other jurisdictions. Investors look to benefit from the security and prestige of trading with an FCA regulated firm.”

Phoenician reach

With the opening of its new office in London, CFI now has six offices around the world. The broker’s main focus remains the Middle East and it has operations in Lebanon, Jordan and the UAE.

But the firm also has its aforementioned Cypriot entity and another office in Mauritius – a country that has become increasingly popular for retail trading firms in the past twelve months.

“We are glad to announce the upgrade of our presence from a branch to a full subsidiary,” said CFI founder Eduardo Fakhoury.

“CFI UK is a British firm fully regulated by the Financial Conduct Authority. This change strengthens our UK presence and provides increased peace of mind to our clients and prospects.”

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