AFX Markets Ltd entered special administration on 27 August 2019, after the High Court of Justice in England and Wales granted an application brought by the Financial Conduct Authority (FCA). It did not first go into administration in 2021. The 2021 date sometimes shown on the Financial Services Compensation Scheme (FSCS) website is a separate failure-date classification used for the compensation process.
The UK broker’s collapse affected about 1,200 customers and involved approximately £7.5 million of client money, according to information supplied by AFX Markets to the FCA. The administration has continued for years: Companies House still records the company as in administration, with the latest visible filing being an administrator’s progress report for the period ending 26 August 2025.
What happened to AFX Markets?
AFX Markets Ltd was an FCA-authorised UK broker offering online trading, mainly in foreign exchange and contracts for difference (CFDs). It traded under several names, including AFX Capital, AFX Group, Quantic Prime, STO, SuperTradingOnline UK (STO UK), tradealot, XSecurities and eloFX, according to the London Gazette and FSCS.
On 31 July 2019, the FCA restricted AFX Markets from carrying out regulated activities, except where activity was necessary to close trading positions. The regulator also required the firm to freeze its assets. The FCA said it was concerned about the company’s financial position and how it safeguarded customer money.
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The FCA then applied to the High Court for a special administration order under the Investment Bank Special Administration Regulations 2011. The court made the order on 27 August 2019. The case reference was CR-2019-005638.
Who were the administrators?
The court appointed Jonathan Elman Avery-Gee and Daniel Mark Richardson of CG Recovery Limited, trading as CG&Co, as joint special administrators.
The administrators’ published contact details are:
- Email: [email protected]
- Telephone: 0330 995 1241
Companies House currently lists the practitioners at the following addresses:
- Daniel Mark Richardson: Greg’s Building, 1 Booth Street, Manchester, M2 4DU
- Jonathan Elman Avery Gee: 27 Byrom Street, Manchester, M3 4PF
Customers should use the administrators’ current contact details rather than relying on old broker websites, social-media accounts or messages from third parties claiming to recover trading losses.
Why was customer money at risk?
The important distinction is between AFX Markets Ltd and AFX Capital Markets Ltd. They were separate companies.
| Company | Role | Relevant insolvency issue |
|---|---|---|
| AFX Markets Ltd | UK FCA-authorised broker | Placed into UK special administration on 27 August 2019 |
| AFX Capital Markets Ltd | Cyprus-based parent and EEA-authorised firm | Its licence was suspended by the Cyprus Securities and Exchange Commission on 19 July 2019; much of the money linked to UK customers was held there |
The FCA said AFX Markets acted as an intermediary, while trades were contractually executed by its Cyprus-based parent, AFX Capital Markets. Most client money, including margin supporting open positions and other obligations, was held with AFX Capital.
This created a serious recovery problem. The FCA initially warned that a client-money deficit was likely, while administrators reconciled the records and checked the amount actually owed to customers. Later analysis of the administration reported a client-money figure of £7,665,711.47 and said that no client money was recovered from AFX Capital because of that company’s insolvency, according to a later analysis published in the Capital Markets Law Journal.
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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteThat figure should not be confused with money paid back to customers. The approximately £7.5 million figure quoted by the FCA was the amount of client money requiring assessment, based on information supplied by AFX Markets. It was not a confirmed recovery or distribution.
What was the client-money claim deadline?
The administrators set a client-money claim bar date of 17:00 GMT on 1 June 2020. The Gazette notice applied to client-money claims, rather than every possible claim against the company or claims relating to client assets.
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The notice warned that claims filed after the deadline might not be satisfied in whole, in part or at all. It also made clear that submitting a claim did not establish that the claim was valid or guarantee a distribution. Claimants were responsible for the costs of preparing and submitting their claims unless a court ordered otherwise.
If you submitted a claim, keep copies of the form, account statements, emails, identity documents and any acknowledgement from the administrators. If you missed the bar date, contact the administrators promptly; do not assume that a late claim will be accepted.
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How did FSCS compensation apply?
The FSCS opened its AFX Markets process on 19 October 2021. Customers were not meant to submit claims before the joint special administrators contacted them, according to the FSCS.
The process required the administrators to confirm two basic points first:
- that the person making the claim was a client of AFX Markets Ltd; and
- the customer’s outstanding balance.
Only after those details were confirmed could the FSCS assess whether the customer qualified for compensation under its rules. The FCA said eligible client-money shortfalls, including distribution costs, could be covered up to £85,000 per eligible customer.
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FSCS protection was not automatic for every person who used an AFX-branded trading website. The claim had to relate to the UK company and satisfy the scheme’s eligibility requirements.
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The FSCS stated that it could not compensate customers whose claims were against AFX Capital Markets Ltd rather than AFX Markets Ltd. Its explanation was that AFX Capital had operated under EEA passporting permissions and had not paid an FSCS levy to provide additional UK protection.
In practical terms, a customer’s login page, trading name or account statement alone may not settle which legal entity owed the money. The relevant entity is the company named in the account agreement and the administrators’ records.
Customers should therefore check:
- the legal entity named in their terms and conditions;
- the entity shown on account statements and correspondence;
- which company received the claim submitted during the administration; and
- whether the administrators confirmed the account as an AFX Markets client account.
What should former customers do now?
- Check the legal entity. Do not treat AFX Markets Ltd and AFX Capital Markets Ltd as interchangeable.
- Review your records. Gather statements showing deposits, withdrawals, open positions and the balance at the time trading was restricted.
- Contact the administrators. Use [email protected] or 0330 995 1241 to ask about the status of a submitted claim or the records needed to identify it.
- Check FSCS correspondence. The FSCS process depended on administrator confirmation of the customer and balance. Do not pay a third party simply because it claims to be able to unlock compensation.
- Be cautious with recovery offers. Insolvency and compensation processes do not normally require customers to hand over cryptocurrency, remote computer access or an upfront “release fee”.
Is AFX Markets still in administration?
Yes. The current Companies House insolvency record continues to show AFX Markets Ltd, company number 07612002, as in administration. The latest filing visible in that record is an administrator’s progress report covering the period to 26 August 2025, filed on 3 October 2025.
That continuing status means it is not accurate to describe the matter as closed solely because the trading platform stopped operating years ago. Administration, client-money reconciliation, distributions and compensation assessments are separate stages, and the end of one stage does not prove that every customer has been paid.
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The dates at a glance
| Date | Event |
|---|---|
| 19 July 2019 | Cyprus regulator suspends AFX Capital Markets’ licence. |
| 31 July 2019 | FCA restricts AFX Markets’ regulated activities and freezes its assets. |
| 27 August 2019 | High Court orders AFX Markets into special administration. |
| 1 June 2020 | 17:00 GMT deadline for client-money claims. |
| 19 October 2021 | FSCS opens its AFX Markets compensation process. |
| 3 October 2025 | Latest Companies House filing cited here: progress report covering the period ending 26 August 2025. |
FAQ
When did AFX Markets go into administration?
The High Court placed AFX Markets Ltd into special administration on 27 August 2019, following an FCA application. It was not placed into administration in 2021.
Why does the FSCS show 2021?
The FSCS opened its AFX Markets compensation process on 19 October 2021 and may show 24 August 2021 as a scheme failure-date classification. That date does not replace the UK administration date of 27 August 2019.
How much client money was involved?
The FCA initially referred to approximately £7.5 million of client money requiring assessment. Later analysis reported a client-money figure of £7,665,711.47. Neither figure should be described as money recovered or paid to customers.
Are all AFX customers entitled to FSCS compensation?
No. Eligibility depends on the customer being established as a client of AFX Markets Ltd and meeting FSCS rules. The FSCS said it could not compensate claims against the separate Cyprus company, AFX Capital Markets Ltd.
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Is AFX Markets still in administration?
Companies House continues to record AFX Markets Ltd as in administration. Its latest visible filing cited here is a progress report covering the period to 26 August 2025.
The Bottom Line
Bottom line: AFX Markets entered special administration on 27 August 2019 after FCA action—not in 2021. The collapse involved a substantial client-money shortfall, much of it held with the insolvent Cyprus-based parent AFX Capital Markets. Former customers should identify the correct legal entity, preserve their claim records and deal directly with the administrators or FSCS. A claim is not automatically covered simply because it used an AFX trading brand.
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