Plus500 says frozen accounts hurt revenues
THE PAIN continues for Plus500, the troubled spreadbetting firm that saw thousands of its trading accounts frozen in May so to comply with UK anti-money-laundering rules.
Unsurprisingly, in a half year trading update to 30 June, the firm yesterday said revenues in the second quarter were lower than same quarter in 2014 due to a combination of quieter markets and the temporary suspension.
Plus500 said the second skilled person’s final report on its UK’s existing customers was issued to the City watchdog on 3 July which covered reviews of a sample of trades and other transactions in a number of areas, all of which received satisfactory results.
However the Plus500 group continues to be subject of a high level of regulatory scrutiny, it said.
The board said it expects margins to be lower for the full year, but profits to be in line with 2014.