AFX Markets entered into administration in August following trouble with the Financial Conduct Authority (FCA). The regulatory body ordered the firm to cease all activity, and special administrators were appointed by the High Court of Justice of England and Wales. CG Recovery is the special administrator that was appointed to take care of the affairs at AFX Markets, and the administrators have hit the ground running.

AFX customers provided with necessary information

The customers of FX brokerage firm, AFX Markets, have been lacking information about the activity surrounding the closing down of the firm. Now that the special administration appointed to the firm have begun working on the case, the clients have been provided with a website through which they can receive updates about the progress that is being made. The webpage is maintained by CG Recovery and the customers can get all the important information through this page.

According to the latest update that has been provided by CG Recovery, they are in the process of assessing the positions held by each client to ensure that the customers’ accounts are in order before any transfer of assets is done. The FCA ordered that all trading should be stopped on AFX Markets, and clients can not access their assets held on the platform. The special administrators will have to make sure that all the numbers being reflected on AFX Markets’ books add up and that all the clients receive their fair dues.

Administrators due to give a report on state of affairs

The administrators have said that they are not yet in a position to give any information about the financial status of AFX Markets. The officers at the brokerage are due to make a Statement of Affairs to provide a full picture of where the brokerage stands and the possible direction that the processes around the firm will take.

According to CG Recovery, they will likely send a report on their findings on the 22nd of October, 2019. The report that the administrators plan on releasing will provide a picture of the objectives that the special administrators have set out for themselves, the financial status of the brokerage, and the likely outcome of the administrative process.

FX clients who have assets held up on AFX Markets can expect to receive some compensation when the processes being executed by the special administrators are finished. The UK Financial Services Compensation Scheme (FSCS) is working with CG Recovery to ensure that the customers receive their fair share. The FSCS said that there is no need for any of the clients to lay claims with them at this moment because the administrators are still working on the case.