On 31 July 2019, the UK Financial Conduct Authority ordered AFX Markets Limited to stop carrying on regulated activities, apart from closing existing trading positions, and froze its assets. On 27 August 2019, the High Court placed the firm into special administration after an FCA application. A separate licence suspension was imposed by Cyprus’s CySEC on 19 July 2019 against AFX Capital Markets Limited, AFX Markets’ Cyprus-based parent—not against AFX Markets’ FCA licence.
What happened to AFX Markets?
AFX Markets Limited was a UK company authorised by the FCA from May 2012. It operated online trading platforms principally offering foreign exchange and contracts for difference products. Its FCA reference number was 560872, and its Companies House number was 07612002.
On 31 July 2019, the FCA raised concerns about the firm’s financial position, its arrangements for safeguarding client money, and whether it was unable—or likely to become unable—to pay its debts. The regulator required AFX Markets to:
- stop conducting regulated activities, except activity needed to close trading positions; and
- preserve its assets.
The FCA applied to the High Court for a special-administration order. The order was made on 27 August 2019, with Jonathan Avery-Gee and Daniel Richardson of CG Recovery Limited appointed as joint special administrators.
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The FCA said AFX Markets had approximately 1,200 customers and was responsible for safeguarding roughly £7.5 million of client money. These were historical figures supplied for the 2019 customer notice, not a current balance or a promise that the money would be recovered in full.
The UK and Cyprus actions were different
The confusion comes from the relationship between two AFX companies.
| Company | Role | 2019 action |
|---|---|---|
| AFX Markets Limited | UK broker and FCA-regulated company | The FCA required it to cease regulated activities, except closing trading positions; the High Court later placed it into special administration |
| AFX Capital Markets Limited | Cyprus-based parent and contractual trade-execution entity | CySEC suspended its Cyprus investment-firm licence on 19 July 2019 |
The FCA said trades were ultimately executed by AFX Capital Markets in Cyprus. Most client money, particularly margin for open positions or other trading obligations, was held with that company. The legal entity named in a customer’s agreement, statements and account records was therefore important.
It is inaccurate to say that the FCA suspended AFX Markets’ licence. The FCA stopped AFX Markets from carrying on regulated activities, froze its assets and successfully obtained a special-administration order.
Why special administration mattered
Special administration is a court-supervised insolvency process designed, among other things, to protect client assets and support an orderly wind-down. The administrators’ tasks included identifying customers, reconciling account balances, tracing client money and distributing recovered funds where possible.
This did not mean that every customer would automatically receive all money shown on a trading account. The FCA warned that a shortfall in client money was likely. Recovery depended on what could be identified and collected, the customer’s legal relationship with each AFX company, and the relevant compensation rules.
Could customers claim through the FSCS?
The Financial Services Compensation Scheme recorded AFX Markets as a failed firm for compensation purposes from 24 August 2021. On 19 October 2021, it announced that eligible claims could be considered, subject to confirmation from the joint special administrators that the claimant was an AFX Markets customer and agreement on the outstanding balance.
The FCA’s original customer notice referred to FSCS protection of up to £85,000 for eligible client-money shortfalls, including distribution costs. That figure was a maximum under the applicable rules—not a guaranteed payment for every customer.
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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsFSCS protection did not automatically extend to everyone who had used an AFX-branded platform. FSCS distinguishes between:
- customers of AFX Markets Limited, whose claims may fall within the UK scheme if they meet its eligibility rules; and
- customers of AFX Capital Markets Limited, a Cyprus-based EEA-authorised firm, who are not automatically covered by the UK FSCS in the same way.
FSCS states that it cannot compensate customers who were clients of AFX Capital Markets where that firm was acting under its passporting permissions and had not paid the FSCS levy needed to top up protection. FSCS directs those customers towards the CySEC process instead.
The FSCS AFX Markets page describes the historical failure and claims process; it does not establish that every claim remains open or unresolved today. Check the current official FSCS information before taking action.
What affected customers should do
- Check the contracting entity. Review the original client agreement, account-opening documents, statements and correspondence. Look for “AFX Markets Limited” or “AFX Capital Markets Limited” rather than relying only on the trading brand.
- Collect evidence. Keep account statements, deposit and withdrawal records, trade confirmations, emails, identification documents and records of previous contact with the administrators.
- Check official administrator and FSCS information. The FSCS page instructed customers who had not contacted the administrators to contact CG Recovery at [email protected]. Confirm the current process before sending documents.
- Do not assume you can submit a claim immediately. FSCS said customers should wait until contacted by the joint special administrators, who needed to confirm the customer relationship and outstanding balance before FSCS assessed a claim. Check current FSCS instructions because the published process is historical.
- Follow the correct Cyprus route where applicable. If your contract was with AFX Capital Markets, review instructions issued through the CySEC process rather than assuming the UK FSCS will pay the claim.
- Verify correspondence independently. Use official FCA, FSCS, CySEC and Companies House websites before sending identity documents or bank details in response to an unsolicited message.
The amount shown in a customer’s account is not necessarily the amount covered by compensation. Administrators may need to separate realised cash, open-position calculations, disputed transactions and money held by the Cyprus entity before confirming a balance.
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Is AFX Markets still in administration?
Companies House records AFX Markets Limited as “In Administration”, rather than dissolved or struck off. The administration began on 27 August 2019. Companies House filing history includes an administrator progress report filed on 3 October 2025, covering the period to 26 August 2025.
The company’s registered office is recorded as 27 Byrom Street, Castlefield, Manchester, M3 4PF. Companies House status describes the company’s corporate and insolvency status; it does not indicate that customers have been paid in full.
The key facts in brief
| Date | Event |
|---|---|
| 19 July 2019 | CySEC suspended the investment-firm licence of AFX Capital Markets Limited in Cyprus. |
| 31 July 2019 | The FCA ordered AFX Markets Limited to cease regulated activities except closing trading positions and froze its assets. |
| 27 August 2019 | The High Court placed AFX Markets into special administration. |
| 24 August 2021 | FSCS recorded AFX Markets as a failed firm for compensation purposes. |
| 19 October 2021 | FSCS announced that eligible AFX Markets customer claims could be considered through the administrators’ confirmation process. |
FAQ
Did the FCA suspend AFX Markets’ licence?
No such suspension is described in the FCA’s documented action. On 31 July 2019, it required AFX Markets Limited to stop carrying on regulated activities except closing trading positions and froze the firm’s assets. The High Court later placed it into special administration. CySEC suspended the licence of the separate company AFX Capital Markets Limited.
Are AFX Markets and AFX Capital Markets the same company?
No. AFX Markets Limited was the UK entity, while AFX Capital Markets Limited was its Cyprus-based parent and contractual trade-execution entity. The company named in your agreement can affect which compensation route applies.
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Will the FSCS repay all AFX customers?
No automatic full repayment was promised. Eligible claims connected with AFX Markets may fall within FSCS protection, historically described as up to £85,000 under the applicable rules. Eligibility, the confirmed balance and the customer’s contracting entity all matter.
What if my account was with AFX Capital Markets?
The UK FSCS does not automatically cover customers of AFX Capital Markets in the same way as eligible customers of AFX Markets. FSCS directs customers in that category towards the relevant CySEC process.
Can I still contact the AFX administrators?
The FSCS AFX Markets information page instructed customers who had not contacted the administrators to contact CG Recovery at [email protected]. Check current official FSCS information before sending documents.
The Bottom Line
The FCA did not publicly describe its action against AFX Markets as a licence suspension. It stopped AFX Markets Limited from carrying on regulated activities on 31 July 2019, froze its assets and obtained a High Court special-administration order on 27 August 2019. The separate licence suspension involved CySEC and AFX Capital Markets Limited in Cyprus. Customers should identify the legal entity in their contract and check current official guidance before pursuing an FSCS or Cyprus claim.
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