London Capital Group Overcomes Major IT Outage, Services Resume for Clients
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London Capital Group (LCG) suffered a major IT outage last week. The forex and CFD broker, owned by Flowbank, reported that the outage affected its entire trading platform. All of the company’s services went dark, and the impact even reached back and middle office systems. However, the company recovered fully and brought all services back online.
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What happened?
After the outage, the LCG website announced the message: “As you may be aware, LCG has suffered a major IT outage this week, which has affected our trading platforms as well as our back and middle office systems. The result of this is that clients have been unable to access their accounts online, and we have been unable to process deposits and withdrawals.”
The notice explained that the outage impacted the internal systems, making the company unable to communicate with the users as it normally would in such a scenario. It apologized for the inconvenience and for its inability to relay information to the clients. The outage lasted for about four days in total, starting on Tuesday, and ending on Friday.
The company noted that it affected the operations of the broker in both London and the Bahamas. But, on Friday, the company managed to bring the platform back online, updating the website message with the news.
The broker has not recovered fully
Despite the fact that the firm made a comeback, it has not yet resolved all of the IT-related issues. Traders using the platform can only access their accounts with a new web address. They will also have to reset their passwords. On the plus side, the company noted that MT4 users can still log in as usual.
The platform’s website also remains unable to load images at this time, so only text is available on its site. The most interesting part is why it all happened in the first place. The broker did not reveal the reasons behind the issue, so it is unknown whether it was a consequence of an attack, a system glitch, or something else entirely.
LCG in the middle of a transition
LCG used to be a part of the London Capital Group Holdings, which saw some trouble after being delisted from the NEX Exchange and the London Stock Exchange in 2018. At the time, the firm’s CEO was Charles Henri Sabet, who decided to buy LCG and permanently separate it from London Capital Group Holdings.
Sabet proceeded to make certain structural changes in the LCG ownership after launching FlowBank, based in Switzerland, in 2020. The broker also entered a transition recently, moving away from being a CFD and spread betting provider. Instead, its goal is to become an introducing broker.
