London Capital Group has been acquired by its own leadership. Finance Magnates reported that managing director Matt Basi and chief executive Dave Worsfold bought the FCA-regulated brokerage through MBDW Holdings on 19 August 2026. The shares were acquired from Walder Wyss, acting for creditors of bankrupt former parent FlowBank SA. The price was not disclosed.
FlowBank entered bankruptcy proceedings in June 2024 after intervention by Swiss regulator FINMA. Because LCG was an asset of the insolvent parent, restrictions prevented the UK entity from onboarding clients, accepting new client money, introducing clients to IG Group or diminishing assets while ownership was resolved. Existing customers could continue withdrawing from designated accounts.
The Restrictions Were Not a Finding Against LCG
The measures preserved LCG's value for FlowBank's creditors; they were not described as punishment for misconduct by LCG. The management buyout resolves the ownership question that created the freeze.
A Narrower Business Model
LCG had already shifted toward acting as an introducing broker for IG Group before the restrictions. The new owners now face the task of clarifying what services, onboarding and growth look like after more than two years of uncertainty.
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A resolution, with operational questions remaining
A regulated broker can be blameless in its parent's collapse and still spend years unable to grow. Management ownership ends the estate's control, but clients deserve a clear roadmap for what the business now offers.
About the Company
About LCG
London Capital Group is an FCA-regulated brokerage that operated as an introducing broker for IG Group. It is now owned by MBDW Holdings, controlled by Matt Basi and Dave Worsfold.
Frequently Asked Questions
Why did the FCA restrict LCG?
The restrictions followed FlowBank's bankruptcy and preserved the subsidiary's value while ownership was resolved; they were not a misconduct finding against LCG.
Who owns LCG now?
MBDW Holdings, formed by LCG executives Matt Basi and Dave Worsfold.
Where can I compare LCG?
See our LCG profile.
The transaction value was not disclosed. Last updated: 2 September 2026.