Plus500 says frozen accounts hurt revenues

 
Josh Martin
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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.

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