Update

RNS Number : 5783P

Plus500 Limited

09 June 2015

 



Plus500 Ltd.

("Plus500", "the Company" or "the Group")

Update re remediation plan

Plus500, a leading online service provider for retail customers to trade CFDs internationally, today announces the following update regarding its remediation plan for customers of Plus500UK.

Remediation plan update

As stated in the AGM Trading Update and Statement on 27 May, remediation actions are now up to full speed to re-approve Plus500UK's customer accounts, with up to 40 staff working on the project.

As at close of business on Monday, 8 June approximately 23,000 customers had logged into their account since May 18, the date on which Plus500UK froze activity on existing customer accounts and of these 10,147 customers had completed the remedial AML procedures. 8,457 customer accounts have now been fully reviewed by the remediation team and unfrozen, thereby enabling those customers to trade and to deposit and withdraw funds.

While it is too early to anticipate the ongoing behaviour of those customers who are now free to trade, 5,205 have resumed trading (61%) and 457 have cashed out all their funds (5%).

As confirmed in the Company's statement on 22 May, Plus500UK was required by the FCA under section 166 to appoint, and has appointed, a second Skilled Person who is required to review the steps taken by Plus500UK in regard to its remedial AML procedures for existing clients.

Plus500UK has now commenced communication with inactive customers encouraging them to submit the appropriate documentation so that they are cleared to trade when they next wish to.

Plus500UK continues to work with compliance consultants on agreeing on the required procedures to enable the onboarding of new clients.

Gal Haber, Chief Executive, commented:

"We have made progress in reapproving customer accounts during the last week and as a result expect a majority of clients who have completed the remedial AML procedures to be unfrozen within the previously expressed timeline. This will be followed by contacting inactive customers."

For further information please contact:

Plus500 Ltd                                                                                                                           [phone]

Elad Even-Chen, Finance Director, VP Business Development and Head of Investor Relations   

[e-mail]

Liberum - Nomad and Broker                                                                                [phone]

Clayton Bush/Christopher Britton/Josh Hughes

MHP Communications                                                                                                [phone]

Reg Hoare/Tim Rowntree/Adam Leviton

[e-mail] 

About Plus500

Company website: www.plus500.com

Plus500 has developed and operates an online trading platform for retail customers to trade CFDs internationally over more than 2000 different underlying global financial instruments comprising equities, ETFs, foreign exchange, indices and commodities. The Company enables retail customers to trade CFDs in more than 50 countries. The trading platform is accessible from multiple operating systems (Windows, smartphones (iOS, Android and Windows Phone) and tablets (iOS, Android and Surface)) and the internet. The Directors believe that the success of the Company to date has been primarily due to the proprietary technology it has developed and continues to develop to support the trading platform. The trading platform has been designed to be as intuitive and easy to use as possible. The trading platform has been localised into over 31 languages. The Directors believe that this emphasis on technology, together with the Company's targeted online marketing strategy, has helped to differentiate the Company from its competitors.

 

END

 

 

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