Key Insights
- Trive Financial Services UK Limited applies to cancel its FCA license, indicating plans to exit the UK market.
- The move follows recent executive departures and comes despite a ninefold increase in 2022 revenues to £10.8 million.
LONDON (MarketsXplora) – Trive Financial Services UK Limited, a subsidiary of retail FX and CFDs broker Trive, has applied to cancel its license with the UK’s Financial Conduct Authority (FCA), signaling the group’s intention to exit the UK market.
The application, formally submitted on June 14 and currently pending, marks a significant shift for the company, which has held its FCA license since 2010. Operating under the Trivepro brand from London’s Canary Wharf, the firm has been a key player in the institutional brokerage arm of the Trive brand.
This move follows a series of high-profile departures from the company earlier this year. CEO Adam Dougall stepped down, while institutional sales head David Papier moved to CPT Markets. Additionally, Shravan Joshi MBE, an elected member of the Court of Common Council for Bishopsgate Ward in the City of London Corporation, resigned from the board of directors.
Trive Cancels FCA License Despite Strong 2022 Results
Despite these changes, Trive UK reported a remarkable financial performance in 2022, with revenues surging ninefold to £10.8 million and net profit reaching £2.5 million. The company has yet to release its financial results for 2023.
Trivepro, known for offering multi-asset securities brokerage services to financial professionals and institutional investors, was part of a broader rebranding initiative.
In early 2023, retail FX and CFDs broker GKFX and its UK-based institutional brokerage arm, GKPro, both rebranded to Trive. This followed a 2022 restructuring at the parent company, Global Kapital Group in Turkey, which transferred ownership of its retail and institutional brokerage arms to Amsterdam-based Trive.
The restructuring also saw the company’s Malta-licensed operation, which runs the retail FX part of the business, renamed from AKFX Financial Services Ltd to Trive Financial Services Malta Limited. The retail brand subsequently changed from GKFX to Trive, while the institutional brand became Trivepro, operated from the UK.