We are pleased to report that with effect from 1 January 2012, we will operate in the UK through Saxo Capital Markets UK Limited, which is authorised and regulated by the UK Financial Services Authority (“FSA”) and is a wholly owned subsidiary of Saxo Bank A/S. Previously we have operated in the UK through a branch of Saxo Bank A/S Copenhagen, regulated by the Danish Financial Supervisory Authority, Finanstilsynet.
Our UK business has grown strongly over the past few years and operating as an FSA authorised and regulated firm will provide us the opportunity to adapt our business model to align with UK best practice and offer our clients terms under UK law and client money protection in accordance with the FSA’s client money rules.
As a result of this development, we have communicated via email with those clients who have been serviced through the London Branch of Saxo Bank A/S to request that they consent to transfer their account contract from Saxo Bank A/S to SCML in line with our intention to migrate all client accounts serviced through our London office to SCML at the earliest possible opportunity.
The attached Notification which was included as part of the communication, provides further details about the change, its impact for our clients and the process that we intend to follow in order to successfully migrate our UK business to Saxo Capital Markets UK Limited. Clients can also review the revised General Business Termsand related terms and policies using the link provided within the Notification.
We intend to follow up this initial communication with further communications at regular intervals with a view to moving all our London serviced clients to Saxo Capital Markets UK LImited in due course. In the meantime, should you have not have received our Consent email and therefore not been asked to consent to move your account, but wish to do so, please do not hesitate to contact one of our client service representatives (+44 (0)207 151 2041).