Worldspreads Limited administration jumps to Sweden

Swedish financial regulator Finansinspektionen today warned domestic investors about Worldspreads Limited, the UK firm put into administration over the weekend.

According to a notice from administrator KPMG on Worldspread’s homepage – – the action was instigated by “the discovery of accounting irregularities which the company became aware of during the course of Friday 16 March 2012.”

“Following this it quickly became apparent that there was a shortfall in client monies and the directors and their advisors concluded that the best course of action, in order to mitigate losses for clients, would be to place the company into special administration.”

According to the statement, Worldspreads Limited is a wholly owned subsidiary of Worldspreads plc, a company incorporated in Dublin, Ireland.

Today the Swedish Financial Supervisory Authority issued a notice that another subsidiary of the company operating in Sweden had given Swedish customers access to a trading platform for spread betting.

The regulator referred customers to KPMG as the official administrator.

The full statement in Swedish reads:

Det brittiska värdepappersföretaget Worldspreads Limited är satt under förvaltning i enlighet med brittisk lag.

Worlspreads Limited (UK) Filial Sverige är en värdepappersfilial som har erbjudit svenska kunder en handelsplattform för så kallad spread trading.

Svenska kunder som har frågor om Worldspreads Limited kan kontakta KPMG i Storbritannien på tfn: +44 20 3284 8829.

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