• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Commodities

UK lawmakers join fight for expats scammed by PremierFX in Portugal

UK lawmakers join fight for expats scammed by PremierFX in Portugal
  • Pedro Gonçalves
  • @PeterHSG
  • 18 March 2019
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

The UK financial watchdog has been urged to investigate "as a matter of priority" the failure of the Portugal-based currency exchange firm Premier FX, which has left hundreds of UK customers with losses that totalled millions of pounds.

One expat living in Cas Catala is now launching a legal case against the defunct company, with her actions alerting several British MPs who are now demanding the FCA investigates as a matter of priority. As a result, Dover MP Charlie Elphicke has since met with the authorities in order to determine the progress of the case. 

Related articles

  • Expats in Portugal fear for their savings as forex trading firm collapses
  • UK’s protection scheme unable to cover expats in Portugal
  • UK watchdog investigates defunct Premier FX
  • FCA bars Cypriot investment firms that used 'unauthorised celebrity endorsements'

The firm got into difficulties following the sudden death on Mallorca of owner Peter Rexstrew. An initial investigation by British police was scrapped due to "insufficient funding", and nothing has happened since then. 

The affairs of Premier FX are not easy ones to unravel as the business was controlled by the late Peter Rexstrew and the firm’s records do not fully explain its affairs"

The company was regulated by the Financial Conduct Authority (FCA) for money transfer services but it encouraged customers to keep funds for longer than a few days to benefit from currency movements — in effect acting as a deposit account but without the protection of Britain's Financial Services Compensation Scheme.

The FCA said that it is continuing to investigate the business undertaken by Premier FX to determine whether any individuals may have broken the law and whether any money can be returned to customers of the firm.

Whereas the FCA understands that customers are keen to receive details on the progress of the regulatory investigation, the regulator notes that it can only provide limited information while the investigation is ongoing.

"The affairs of Premier FX are not easy ones to unravel as the business was controlled by the late Peter Rexstrew and the firm's records do not fully explain its affairs", the FCA said.

Any client who paid money to Premier FX but the money was not sent to the recipient in accordance with the client's instruction will have a claim against Premier FX. The joint liquidators will assess the money available to reimburse claims made.

 

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Commodities

More on Commodities

Markets destabilised by Trump catching covid-19 and oil price fall

  • Commodities
  • 02 October 2020
Comment: Why gold is shining again during the pandemic

  • Comment
  • 23 June 2020
UK inflation plummets as impact of lockdown takes effect

  • Commodities
  • 20 May 2020
Amundi brings cheapest gold ETC in Europe to London Stock Exchange

  • Commodities
  • 20 May 2020
Comment: Beware asymmetry in oil markets

  • Comment
  • 15 May 2020
Back to Top

Most read

Standard Life Aberdeen set for name change in Phoenix deal: reports
Standard Life Aberdeen set for name change in Phoenix deal: reports
Woodford returns as CIO of new offshore investment firm WCM Partners
Woodford returns as CIO of new offshore investment firm WCM Partners
Jersey regulator fines three firms for breaching money laundering rules
Jersey regulator fines three firms for breaching money laundering rules
Merian funds to be renamed under Jupiter banner
Merian funds to be renamed under Jupiter banner
Comment: The pandemic has dramatically complicated issues of tax residency
Comment: The pandemic has dramatically complicated issues of tax residency
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading