UK-based brokerage ICM.com has bolstered the protection of its clients’ insurance measures, bringing all client funds under the protection of up to £5.0 million ($6.23 million), according to a company statement.
The broker, which is licensed by the UK Financial Conduct Authority (FCA), is required by law to provide up to £50,000 per client under the Financial Services Compensation Scheme (FSCS) in case of its default.
The new insurance is underwritten by Lloyd’s of London, one of the world’s leading insurance organizations. The service is available to all clients of the broker at no additional cost. It’s not clear, however, if they need to submit an application in order to benefit from the new protection fund.
“ICM’s Civil Liability Insurance Programme can provide compensation under a claim made against ICM of financial loss caused from an error, omission, negligence, fraud or the failure to perform its activities or services, for up to £5,000,000 (any one loss and in the Aggregate including defence costs and expenses),” the company said in a statement.
Other brokers in Europe and the UK offer varied levels of protection, but they seldom cross the £1 million threshold. Across a more broad-based field, brokerages from around the industry typically rely on the use of insurance policies or strong capital backstops.
Back in 2016, ICM.com (Formerly ICM Capital) revealed that it has become an official sponsor of the England Polo Team at Chestertons Polo in the Park. As part of the deal, the firm’s logo is placed on the front-side of all Team England polo shirts as the team’s main sponsor.
ICM.com is a multi-national forex and CFD trading company with headquarters in London, and offices in Europe, the Middle East, and Asia. Since being founded, the firm has been authorized and regulated by the Financial Conduct Authority (FCA). Back in August 2018, the company rebranded itself from ICM Capital to ICM.com to represent all of the firm’s group entities under one brand.