David Barrett has stepped down as Chief Executive Officer ofthe UK arm of Retail FX and CFDs broker EBC Financial Group, regulated by theFinancial Conduct Authority.SingaporeSummit: Meet the largest APAC brokers you know (and those you still don't!).The change is reflected on the regulator’s register, whichstates: “This individual is no longer in a role that requires regulatoryapproval.”Executive Leads EBC, Cayman, ConsultanciesBarrett served as Director and CEO of the UK business forabout six years. He also held a parallel role with the group’s Cayman entityfor roughly four years.His tenure at the broker covered multiple jurisdictions andoverlapping responsibilities. Both roles were listed as ongoing prior to therecent regulatory update.Alongside his work at EBC, Barrett has beenactive in financial consultancy. He has led Elm House Advisors Ltd for morethan six years, focusing on foreign exchange, fixed income risk, andoperational management.Earlier, he ran Raynehurst Advisors Ltd for about fiveyears. Before that, he headed MKM Advisors Ltd for roughly six years.EBC Expands, IG Exits South AfricaEBCFinancial Group SA has been approved by the Financial Sector Conduct Authorityas an Authorised Financial Service Provider. The approval is part of thecompany’s plan to establish operations in South Africa, a market with around 63million people and 76% internet penetration. The country’s fintech sector isprojected to grow from USD 7.08 billion in 2023 to USD 14.86 billion by 2033.EBC cited active trading in commodities, indices, and digital assets assupporting demand for regulated market access.At the same time, IGGroup is winding down its South African operations. Existing clients maycontinue to use accounts with the broker’s offshore entities, but no newpositions will be opened. The company described the decision as “difficult” andsaid it intends to provide clients with a smooth transition, without disclosinga reason for the closure.This article was written by Tareq Sikder at www.financemagnates.com.