FIXI PLC began contacting customers about withdrawals in late January 2019, after the Financial Conduct Authority (FCA) allowed the firm to start processing requests. This was a historical, staged recovery process—not a current withdrawal programme.
FIXI had stopped operating on 20 December 2018 after voluntarily agreeing to restrictions on its regulatory permissions. The firm could not conduct regulated activities without the FCA’s prior written consent and was instructed to close open trading positions. It later entered creditors’ voluntary liquidation and was dissolved in 2022.
How the FIXI withdrawal process worked
Customers were contacted by letter or email. The process reported at the time involved four main stages:
- Review the account statement. FIXI supplied a statement showing the customer’s account balance.
- Report discrepancies. Customers were expected to tell FIXI if the statement did not match their own records.
- Confirm banking details. Once the balance was agreed, the customer provided the bank information needed for the transfer.
- Receive the final balance by bank transfer. FIXI would wire the confirmed amount to the customer’s bank account.
Customers were not all contacted at the same time. People who had not received a letter or email were expected to be contacted later, while FIXI’s support representatives were reportedly handling questions by telephone and email.
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There was no fixed payment deadline
FIXI did not publish a confirmed date by which all withdrawals would be completed. A company representative told Finance Magnates that processing had begun gradually and that the firm could not say how long it would take to handle every request.
That matters because later summaries sometimes describe the process as though customers were promised payment within a particular number of days. The contemporaneous reporting does not support a fixed timetable.
Why withdrawals had been restricted
The delay was connected to the FCA’s intervention after its review of FIXI’s business. Under the restrictions agreed on 20 December 2018, FIXI could not make payments representing customer balances without the FCA’s prior written consent.
This was not an ordinary broker delay caused by a routine compliance check or a slow bank transfer. FIXI had ceased operating, open positions had to be closed, and payments were subject to regulatory control. The FCA subsequently permitted the firm to begin the staged withdrawal process.
Important problems customers could encounter
The process depended on customers completing several steps. The main practical failure points were:
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| Issue | What it meant |
|---|---|
| Unconfirmed account balance | FIXI could not finalize the payment until the customer had reviewed the supplied statement. |
| Statement discrepancy | An error or disagreement about the balance could hold up payment while the figures were investigated. |
| Missing bank details | FIXI needed banking information after the account balance had been confirmed. |
| Staggered contact | A customer who had not yet heard from FIXI was not necessarily being excluded; communications were sent in stages. |
| No completion timetable | There was no reliable public deadline for every withdrawal request. |
| Incomplete recovery | The initial process did not return all client money to all customers. |
The available reporting does not verify additional requirements such as a particular withdrawal form, a bank-account ownership certificate, a minimum withdrawal amount, or a specific customer-portal menu. Those details should not be presented as part of FIXI’s confirmed process without documentary evidence.
What happened after the initial withdrawals
The withdrawal process did not resolve every customer’s claim. The Financial Services Compensation Scheme (FSCS) later said that some retail customers had been reunited with their money, but that it had not been possible to return client money to all FIXI customers.
FIXI entered creditors’ voluntary liquidation on 31 May 2019. Douglas Rackham and Michael Jervis of PwC were appointed liquidators. The FSCS declared FIXI in default on 30 August 2019. At that point, eligible individuals and small businesses could seek compensation for protected client-money shortfalls, subject to the then-applicable £85,000 FSCS compensation limit.
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FIXI withdrawal timeline
| Date | Event |
|---|---|
| 20 December 2018 | FIXI voluntarily varied its regulatory permissions, stopped operating and was restricted from making customer-balance payments without FCA consent. |
| Late January 2019 | FIXI began contacting customers and processing withdrawal requests after receiving regulatory permission to do so. |
| 31 May 2019 | FIXI entered creditors’ voluntary liquidation. |
| 30 August 2019 | The FSCS declared FIXI in default and opened the route for eligible compensation claims. |
| 28 December 2022 | FIXI PLC was dissolved following liquidation. |
What former FIXI customers should understand now
A customer who finds an old FIXI statement, email or withdrawal letter should treat it as part of the 2019 process. It is not evidence that FIXI is still operating or accepting new withdrawal instructions.
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Because the company was dissolved in 2022, claims cannot be handled as though this were a normal live brokerage account. Historical correspondence and records may still be relevant to a liquidator or compensation claim, but customers should verify any current route through official FSCS or insolvency records rather than relying on an old telephone number, email address or website.
Be particularly cautious of anyone claiming to release a dormant FIXI balance in exchange for an upfront fee, tax payment or “recovery” charge. The historical withdrawal process required statement review, discrepancy reporting and bank details; the sources reviewed do not establish any separate release fee or special payment.
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“FIXI is currently processing withdrawals”
That is outdated. FIXI entered liquidation in May 2019 and was dissolved in December 2022. There is no current FIXI withdrawal operation supported by the company’s corporate records.
“The FCA permanently froze all customer money”
That is misleading. The FCA imposed restrictions requiring prior written consent before FIXI could make payments representing customer balances. Withdrawals later began, although the initial process did not return all customer money.
“Every customer was refunded”
This is not supported. The FSCS said that some customer money had not been returned and established a compensation route for eligible claimants.
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“FIXI simply closed on 20 December 2018”
The date marks the cessation of operations and the variation of permissions, not the end of the company’s legal existence. Liquidation began on 31 May 2019, and dissolution followed on 28 December 2022.
“The January announcement is a current FCA notice”
It is not. The announcement reported in January 2019 described a historical withdrawal process following the FCA’s restrictions. It should not be read as a current FCA customer-service update.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Source records
- Finance Magnates: FIXI PLC starts contacting clients about withdrawals
- Finance Magnates: FIXI shuts down and client money is restricted
- FSCS: FIXI failed-firm information
- Companies House: FIXI PLC insolvency record
- Companies House: FIXI PLC filing history
FAQ
When did FIXI start processing customer withdrawals?
FIXI began contacting customers and processing withdrawals in late January 2019, after the FCA permitted the firm to begin the process.
How were FIXI customers asked to claim their balance?
Customers were asked to review the statement supplied by FIXI, report any discrepancy, confirm the balance and then provide bank details so the final amount could be transferred.
Did FIXI promise a specific withdrawal time?
No. FIXI said the process had started gradually but did not provide a confirmed date or fixed timetable for completing all withdrawals.
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Were all FIXI customers refunded?
No. The FSCS later said that some retail customers had received their money but that client money had not been returned to all FIXI customers.
Can customers make a normal withdrawal from FIXI now?
No. FIXI entered liquidation in 2019 and was dissolved on 28 December 2022. Any historical claim should be checked through official FSCS or insolvency records, not treated as a live broker withdrawal.
What was the FSCS compensation limit for eligible FIXI claims?
When the FSCS declared FIXI in default on 30 August 2019, the applicable compensation limit cited by the FSCS was £85,000 for eligible protected client-money shortfalls.
The Bottom Line
FIXI’s customer-withdrawal process started in late January 2019 after FCA restrictions were eased, but it was gradual, had no guaranteed completion date and did not return money to every customer. FIXI later entered liquidation, the FSCS opened a compensation route for eligible claimants, and the company was dissolved in 2022. Any claim presented as a current FIXI withdrawal opportunity should therefore be treated with caution and checked against official records.
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