The Financial Conduct Authority (FCA) won a High Court case against Xcore Capital Limited, a UK company that operated an unauthorised investment scheme presented to investors as an opportunity to earn returns from foreign-exchange and equity-market trading.
The case ended with a court order made by consent on 14 May 2019. It declared that Xcore had breached section 19 of the Financial Services and Markets Act 2000 (FSMA), imposed restrictions on the people involved and required £917,231 to be paid to the FCA as the outstanding amount owed to consumers.
That figure should not be confused with money recovered. The FCA says it will distribute any funds it is able to recover, but its current case page does not say that all investors were repaid or confirm a final recovery total.
What was the Xcore Capital scheme?
Xcore Capital Limited accepted at least £1 million from investors. Investors were offered a 6% annual return and were led to believe that their money would be traded in foreign-exchange and equity markets.
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According to the FCA, only a small amount of the money was used for trading. Most of the funds were instead spent on operating a Mayfair office, brokers’ wages and personal expenditure.
The FCA described spending that included:
| Expenditure identified by the FCA | Amount |
|---|---|
| Cryptocurrencies | £102,000 |
| Luxury goods | £58,000 |
| Rolex watch | £24,000 |
| Contribution towards a wedding | £20,000 |
The case was therefore not about an ordinary FCA-authorised forex broker suffering trading losses. The High Court declaration concerned an unauthorised investment scheme that operated without the required permission.
What did the High Court decide?
Section 19 of FSMA contains the “general prohibition”. In simple terms, a person or company must not carry on a regulated financial activity in the UK unless it is authorised or exempt.
The High Court declared that Xcore had breached this prohibition. The order also found that an individual involved in the scheme was knowingly concerned in Xcore’s breaches. The FCA’s current publication no longer identifies that individual. It says the identifying references were removed in an update dated 23 July 2026; older reports or archived copies may contain a name that is not included on the current FCA page.
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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11The order was made by consent on 14 May 2019. That means the case was resolved through an agreed court order rather than a contested trial judgment after a full hearing.
What orders were made against Xcore?
The court order included several important measures:
- A declaration that Xcore had operated in breach of section 19 of FSMA.
- A finding that the individual involved was knowingly concerned in those breaches.
- An order requiring Xcore and the individual to pay £917,231 to the FCA.
- Restrictions preventing them from selling investments regulated by the FCA.
- Protection over assets through a freezing order.
The freezing order was imposed on 20 November 2018, before the final order by consent. The FCA’s current case page states that the order remains in place until further order of the Court.
This was not an FCA administrative fine. Describing the outcome as “the FCA fined Xcore” is inaccurate. The verified outcome was a High Court declaration, a freezing order and injunctions, together with an order for payment of the outstanding consumer sums.
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Does the £917,231 mean investors were repaid?
No. The £917,231 was described by the FCA as the full value of the outstanding sums owed to consumers. It was not confirmation that the FCA had recovered that amount.
The FCA says it will distribute to consumers any funds it is able to recover. Its current Xcore case page does not confirm that the entire amount was recovered, that every investor was repaid or what percentage of losses investors ultimately received.
A separate FCA consumer-investments data review published in 2020 referred to £200,000 being frozen in relation to the Xcore matter. That is a different figure from the £917,231 outstanding consumer claim and should not be reported as the final amount recovered.
Important distinction: £917,231 was the amount owed to consumers under the order. It was not a confirmed recovery figure. The £200,000 mentioned in the 2020 FCA review was money frozen at that point, not proof of the final distribution to investors.
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What happened to Xcore Capital Limited?
Companies House records show that XCORE CAPITAL LTD, company number 10851648, entered creditors’ voluntary liquidation on 20 June 2019. The company was dissolved on 23 November 2022.
The Gazette classified its business as “FX Investment Schemes” and recorded the liquidation as a creditors’ voluntary liquidation.
Dissolution closes the company’s Companies House record; it does not establish that investors received full repayment. The FCA’s stated position remains that it will distribute whatever funds it can recover.
Why unauthorised forex offers are dangerous
A promised return such as 6% a year can make an investment appear more predictable than trading foreign exchange actually is. But the return itself does not prove that money is being traded, held separately or protected.
With an unauthorised firm, consumers may also lose important protections. The FCA’s general guidance says that dealing with an unauthorised firm normally means:
- No access to the Financial Ombudsman Service if something goes wrong.
- No Financial Services Compensation Scheme (FSCS) protection if the firm fails.
Protection for an authorised business is not automatic for every forex or CFD product. It depends on the firm’s permissions, the specific product and the service being provided. Consumers should check the details rather than treating an FCA reference as a blanket guarantee.
How to check a forex firm before sending money
- Start with the FCA Firm Checker. On the FCA website, use “Search the Firm Checker” or select “I want to check a firm is genuine before I use them”. This is the quickest check of whether the firm is authorised and has permission for the service it is offering.
- Check the exact permissions. A company may be authorised for one activity but not for the investment or service being promoted. The firm’s name alone is not enough.
- Compare every contact detail. Check that the firm’s name, website address, telephone number and other contact details match the FCA record. A clone firm can copy the identity and registration details of a genuine business.
- Search the Financial Services Register. Use “Search the FS Register” or “I want to check a firm’s full historical record”. The Register can show previous authorisation and historic information that a simple current check may not reveal.
- Search the FCA Warning List. The Warning List has controls labelled “Search for names of firms” and “Search”, along with first-letter filters. An entry is a serious warning, but no entry is not proof that a firm is legitimate.
- Verify independently before paying. Do not use a telephone number or web link supplied only by a salesperson. Find the FCA record yourself and contact the firm through details shown there.
The FCA warns that unauthorised firms can change names and may not yet be known to the regulator. The absence of a Warning List entry therefore cannot replace an authorisation and permissions check.
What if a firm appears authorised?
Use the FCA record as a starting point, not as a substitute for reading the offer. Confirm that:
- The legal entity accepting your money is the entity shown on the FCA record.
- The website and contact details match exactly.
- The firm has permission for the particular investment service.
- The payment account is consistent with the firm’s identity and instructions.
- The promised return is explained clearly, including the risks and conditions.
The FCA Firm Checker also warns that information can take, on average, 24 hours to update. If a firm says you must pay immediately, that pressure is itself a reason to stop and verify the details carefully.
If you have already paid an unauthorised firm
- Stop sending further money, even if the firm says a fee, tax or account upgrade is needed to release your funds.
- Contact your bank or card provider immediately and ask what recovery or payment-reversal options may be available.
- Keep the investment agreement, account statements, bank records, emails, messages, telephone numbers and website addresses.
- Report the firm to the FCA and to Action Fraud or the relevant UK fraud-reporting service.
- Be cautious of recovery scammers. Someone who promises to retrieve your money for an upfront payment may be running a second scam.
Reporting a firm does not guarantee repayment, but prompt contact with the bank can improve the chance that a payment can be investigated or stopped.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What this case shows
The Xcore case illustrates why investors should verify the legal status and permissions of a firm before focusing on its advertised return. A professional office, a trading story and a fixed annual percentage do not demonstrate that investor money is being used as promised.
The case also shows why legal outcomes need to be described precisely. Xcore was not fined by the FCA in the verified outcome, and £917,231 was not a confirmed recovery. It was the outstanding amount owed to consumers, with recovery and distribution dependent on what could be obtained under the court process.
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FAQ
What was Xcore Capital Limited?
Xcore Capital Limited was a UK company that operated an unauthorised investment scheme. Investors were offered a 6% annual return and were told their money would be traded in foreign-exchange and equity markets.
How much money did Xcore take from investors?
The FCA said the scheme accepted at least £1 million from investors.
Did the FCA fine Xcore?
No. The High Court declared that Xcore breached section 19 of FSMA. The case also resulted in a freezing order, restrictions on selling regulated investments and an order requiring £917,231 to be paid to the FCA.
Was £917,231 recovered and paid back to investors?
The FCA described £917,231 as the outstanding amount owed to consumers. Its current case page says it will distribute any funds it is able to recover, but does not confirm full recovery or full repayment.
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Is Xcore Capital still operating?
Companies House records show that XCORE CAPITAL LTD entered creditors’ voluntary liquidation on 20 June 2019 and was dissolved on 23 November 2022.
How can I check whether a forex firm is authorised?
Use the FCA Firm Checker to check current authorisation and permissions, then use the Financial Services Register for the firm’s full and historical record. Match the firm’s legal name, website, telephone number and other contact details exactly. You can also search the FCA Warning List, but an absent firm is not automatically safe.
Does FCA authorisation guarantee that a forex investment is protected?
No. Any protection depends on the firm’s permissions and the specific product or service. The FCA Firm Checker does not definitively confirm FSCS or Financial Ombudsman Service protection.
The Bottom Line
Xcore Capital Limited was found by the High Court to have operated an unauthorised investment scheme, with investors promised 6% annual returns and at least £1 million accepted. The court order required £917,231 to be paid in respect of outstanding consumer sums, but that is not evidence that the money was fully recovered. Before using any forex firm, check the exact business and permissions through the FCA Firm Checker and Financial Services Register, and do not rely on the firm’s own website or its absence from the FCA Warning List.
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