London Capital Group (LCG), renowned forex and contracts for differences (CFDs) broker under the ownership of Flowbank, was hit hard by a significant IT outage last week. The disruptive event affected havoc on LCG’s trading platforms, as well as its back and middle office systems.
In a notice posted on the LCG website, the company acknowledged the severity of the situation, stating, “As you may be aware, LCG has this week experienced a major IT outage, which has had a far-reaching impact on our trading platforms, as well as our back and middle office systems. Consequently, clients have been unable to access their accounts online, and we have regrettably been unable to process deposits and withdrawals.”
The internal systems of LCG bore the brunt of the outage, impairing the company’s ability to effectively communicate with its clients during this challenging period. LCG expressed sincere apologies for the inconvenience caused by the outage, as well as their failure to relay timely information to their valued customers.
The disruption persisted for approximately four days, starting from Tuesday and stretching till Friday. Both the London and Bahamas-based operations of the broker were adversely affected, impeding normal operations throughout this period.
While the LCG trading platforms are now declared “back online,” the aftermath of the IT debacle still lingers. Traders are required to access their accounts using a new web address and undergo a password reset process. However, users of the MT4 platform can log in as usual without any hindrance.
Additionally, visitors to the LCG website may notice a glitch wherein only text is visible, with images failing to load. The brokerage operator refrained from disclosing the precise causes behind the disruptive outage, leaving many questions unanswered.
As LCG works diligently to rectify the remaining IT-related issues, traders and clients are hopeful for a seamless and uninterrupted experience moving forward. The company understands the significance of trust and reliability in the financial industry and remains committed to restoring normalcy while prioritizing effective communication with its valued clientele.
The Remarkable Transformation
London Capital Group (LCG) has undergone a remarkable transformation since separating from the financially troubled London Capital Group Holdings. After their delisting from the London Stock Exchange and NEX Exchange in 2018, CEO Charles Henri Sabet acquired LCG, steering it away from the struggling entity, which eventually faced liquidation.
Under Sabet’s leadership, LCG underwent significant ownership restructuring, particularly with the successful launch of FlowBank in 2020. This strategic move played a pivotal role in reshaping LCG’s trajectory.
Recently, LCG’s London subsidiary shifted its focus from spread betting and contracts for differences (CFDs) to becoming an introducing broker. This transition reflects LCG’s determination to explore new opportunities in the evolving trading landscape.
To bolster this transformation, LCG formed a partnership with renowned financial services provider IG Group, which became its first third-party trading platform provider. This collaboration allows LCG to enhance its services by leveraging IG Group’s expertise and cutting-edge technology.
