ICM.com Seeks to Cancel UK Subsidiary's FCA License

ICM.com, a well-known retail FX and CFDs broker, has formally filed to terminate its UK subsidiary, ICM Capital Limited's, Financial Conduct Authority (FCA) license. This action, dated May 15, highlights a dramatic change in the company's activities during a period of financial depression.

ICM Capital Limited has been a key component of ICM.com's worldwide activities since it obtained its FCA license in 2010. However, recent financial data show a difficult picture. The business has not yet issued its 2023 financial accounts, however in the fiscal year 2022, it reported a net loss of £1 million on almost nil sales.

Historically, ICM.com UK, as it is called, had large sales, reaching a high of £14.4 million in 2017. However, by the end of 2022, customer funds had dropped to only £530,791 from over £6 million the previous two years, showing a significant decrease in retail client engagement.

In response, ICM.com UK already declared a strategy shift away from retail customers in favor of just serving professional clients.

ICM.com's founder and CEO, Shoaib Abedi, owns the business via its Luxembourg-based holding company, ICM Holding SARL. Aside from the UK, ICM.com operates in the UAE, South Africa, and Switzerland, with other offshore corporations in Mauritius, Labuan, and Saint Vincent and the Grenadines.

This application to terminate its FCA license comes at a crucial time for ICM.com, as it reassesses its business plan in the face of continuous financial troubles. The procedure is now dependent on the FCA's evaluation, which ensures that all consumer duties are met effectively.