Gain Capital UK Cancels FCA Licence
Gain Capital UK Limited has applied to cancel its Financial Conduct Authority (FCA) authorisation, with its register status changing to “Applied to Cancel” on 23 September 2026. The firm, authorised since 1 December 2001 under FRN 113942, is currently recorded on the register as restricted from holding client money. The application follows a January 2026 statement in which StoneX said Gain Capital UK would eventually give up its licence, according to Finance Magnates.
The practical effect is a consolidation of StoneX’s UK retail brands onto a single authorised entity, StoneX Financial Ltd (FRN 446717), which has held full FCA authorisation since 24 March 2006 and is also an Authorised Payment Institution. StoneX Financial Ltd can hold and control client money, the permission Gain Capital UK no longer carries. Until cancellation is completed, Gain Capital UK’s permissions still technically cover dealing as principal in CFDs, spread bets and rolling spot forex, but the register notes the firm “has applied to cancel its authorisation but must still meet our standards in dealing with its customers.” The firm’s permissions therefore remain nominally in place pending cancellation.
The change affects any counterparty, introducing broker or liquidity relationship still referencing Gain Capital UK Limited (company number 01761813, formerly City Index Limited) rather than StoneX Financial Ltd. StoneX had already retired the City Index brand on 12 September 2026, a rebrand LeapRate covered at the time, and one that Finance Magnates linked to a reported 19% fall in UK retail FX/CFD revenue in the June 2026 quarter. Contracts naming Gain Capital UK Limited will need to reference the surviving entity.
| Date | Event |
|---|---|
| 1 December 2001 | Gain Capital UK Limited authorised by the FCA |
| 12 September 2026 | City Index brand retired onto StoneX Financial Ltd |
| 23 September 2026 | Gain Capital UK Limited’s FCA status changes to “Applied to Cancel” |
Brand consolidation preceded the formal licence cancellation by eleven days. No effective date for the cancellation itself has been published on the register as of 24 September 2026; until it is finalised, Gain Capital UK remains subject to FCA conduct standards. StoneX Financial Ltd, which trades under six names on the register, is now the entity firms should treat as the authorised UK counterparty for FOREX.com and the former City Index business.
