Fexco Stockbroking will not be able to take on new clients until the Central Bank gives clearance for the company to do so, The Irish Times understands. Last month, the company confirmed that it was not taking on new clients pending the upgrading of its technology and increasing staffing at its Dublin headquarters.

But it is understood that specific clearance will be required from the Central Bank before Fexco can start to take on new customers.

Set up in late 1996 as an execution-only brokerage, the operation has grown rapidly.