The Investors Compensation Fund has withdrawn the membership of investment firm R.I.A.L Raising Investment Advisory Ltd following CySEC’s decision to revoke the company’s Cyprus Investment Firm authorisation.

The Investors Compensation Fund (ICF) is a statutory scheme designed to provide compensation to eligible clients of investment firms that are unable to meet their obligations, subject to the conditions set out in the relevant rules.

CySEC said the withdrawal of ICF membership followed its earlier decision to withdraw R.I.A.L Raising Investment Advisory Ltd’s Cyprus Investment Firm (CIF) authorisation.

The regulator stressed, however, that losing ICF membership does not by itself remove the rights of covered clients to seek compensation.

Clients covered by the scheme can still receive compensation for investment operations carried out before the firm lost its ICF membership, provided they meet the conditions set out in CySEC’s directive governing the fund.

CySEC also clarified that the withdrawal of membership does not prevent the compensation procedure from being initiated for eligible clients.