Regulation and client funds

An Investment Dealer licence is a standing condition, not a certificate collected once. The company must meet minimum capital requirements, file periodic returns and audited accounts with the Commission, submit to inspection, and keep the policies published on this site in force. The Commission can suspend or revoke the licence.

We are also a reporting person under the Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA). In practice that is why every account is verified before it can trade, why deposits from a third party are refused, and why a withdrawal normally returns to the source it came from.

Personal data is handled under the Mauritius Data Protection Act 2017. Our Privacy Policy sets out what we hold, for how long and the rights you have over it; clients can see their own retention split and request erasure from inside the portal.

Client funds are held in segregated accounts at third-party banks, separate from the company’s own operating money. Segregation is not an accounting convention: client money is not the company’s to use and does not become available to its creditors. The undertaking is section 18 of the Client Agreement; how we undertake to deal with you more broadly is in the Client Interest Protection Principles.

Trading on margin carries a high degree of risk and is not suitable for all investors. Losses on leveraged positions can exceed your deposit: Ultimo does not offer a negative balance guarantee, and a deficit on an account is owed under the Client Agreement. No statutory compensation scheme covers a client of a Mauritius Investment Dealer; the Risk Disclosure Policy explains how; the contract specifications give the lot sizes, stop levels and swaps per instrument.

A complaint is acknowledged promptly, logged with a reference number and answered in writing; we work to resolve it within thirty days. The full procedure is the Customer Complaint Policy.

If our answer does not satisfy you, the policy names the Office of Ombudsperson for Financial Services as the next step (ombudspersonfs@ofsmauritius.org), and the Financial Services Commission accepts complaints about its licensees through its complaints portal. Both routes exist precisely so that the process does not end with us.

Ultimo does not add a service fee to deposits or withdrawals. Intermediary banks, blockchain networks and payment providers may charge separately, and those charges are deducted from the amount transferred. An account with no activity for six months may be charged a maintenance fee of USD 15. Spreads, commissions and swaps per instrument are on the contract specifications page; all of this is set out in the Client Agreement.