1st Contact Forex is part of the 1st Contact Group, which was established in 1994. We offer a range of services to people who live and work in the UK. Our head office is in London, but we also operate from Melbourne, Australia and Cape Town, South Africa.
Speedy, secure, and cost-effective money transfers
In 2001, 1st Contact started offering money transfers and foreign exchange services to clients - services that were traditionally provided by high street banks and larger money transfer agents.
We saw the opportunity to offer a faster, more cost-effective money transfer service. What set us apart right from the outset are our competitive exchange rates and our high service level, which gives clients constant phone and email access to expert consultants.
Over 40,000 registered clients -- and growing
Our money transfers and forex services have become incredibly popular. We now have over 40,000 registered clients and do over 100,000 transactions per year, with the annual turnover fast approaching $150 million.
Our growing client base includes:
- migrants who transfer money home to support family and loved ones, pay off debt, buy homes, etc.
- expatriates who are repatriating funds
- individuals who are investing overseas
- small and medium-sized businesses that are importing and exporting goods
Security matters to us
At 1st Contact, the security of our clients' funds is of paramount importance. 1st Contact Forex is registered with HM Customs & Excise in the UK as a money services business - our MSB registration number is 12148630.
1st Contact Forex Pty Ltd holds an Australian Financial Services Licence (AFSL) issued by ASIC to deal in foreign exchange. The licence number is 335 126; you can view it on the ASIC website.
We meet all the required capital and liquidity requirements. We also stand under the financial controls and KYC ("Know Your Client") policies and procedures of our corporate banker, HSBC and ANZ Ltd. All our client funds are held in designated client money bank accounts with our corporate banker, HSBC and ANZ Ltd.
Although foreigners may now invest in A-shares, there is a monthly 20 percent limit on repatriation of funds to foreign countries.
Performance of A-shares.
Since its inception in 1990, including a major reform in 2002, the index has seen great fluctuations. Overall, however, it has grown along with the Chinese economy. The years 2015 to 2016 were a particularly difficult period, with a 52-week performance of -21.55 percent as of July 20, 2016.
As China grows from an emerging market to an advanced economy, there is substantial demand for Chinese equity. Stock exchange regulators continue efforts to make A-shares more broadly available to foreign investors and have them recognized by the global investing community.
In June 2017, the MSCI Emerging Markets Index announced a long-awaited decision it would add stocks to its index. According to CNBC, MSCI will add 222 China A Large Cap stocks to its benchmark emerging markets index gradually beginning in 2018. The MSCI website reveals the stocks it will list include the Bank of China, China Merchants Bank, Guotai Junan, Ping An Insurance, according to a document on Tsingtao Brewery, SAIC Motor, Suning Commerce and Spring Airlines.
Current Dividend Preference.
Participating Preferred Stock.
Convertible Preferred Stock.
Cumulative preferred stock includes a provision that requires the company to pay preferred shareholders all dividends, including those that were omitted in the past, before the common shareholders are able to receive their dividend payments.
Non-cumulative preferred stock does not issue any omitted or unpaid dividends. If the company chooses not to pay dividends in any given year, the shareholders of the non-cumulative preferred stock have no right or power to claim such forgone dividends at any time in the future.
Participating preferred stock provides its shareholders with the right to be paid dividends in an amount equal to the generally specified rate of preferred dividends, plus an additional dividend based on a predetermined condition. This additional dividend is typically designed to be paid out only if the amount of dividends received by common shareholders is greater than a predetermined per-share amount. If the company is liquidated, participating preferred shareholders may also have the right to be paid back the purchasing price of the stock as well as a pro-rata share of remaining proceeds received by common shareholders.
Significance to Investors.