Alpari claims & FCSC

YouAreNotFree

Experienced member
1,295 225
Alpari claims & fscs

I was in the second tranche of clients and agreed my account balance with the administrators through the claims portal more than one month ago, at which point I also referred the claim to the fscs (because the admin stated it would be quicker). More than one month later and I've not heard a peep from the fcsc.

What about the rest of you?

This is a relatively small amount of money to me, so I'm one of the lucky ones, but even so I'm beginning to get a little frustrated. I can only imagine if you have significant funds tied up in this process....

I'm sure there is plenty of pen pushers milking this entire process for all it's worth though!
 
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moka2

Established member
529 14
I was in the second tranche of clients and agreed my account balance with the administrators through the claims portal more than one month ago, at which point I also referred the claim to the fscs (because the admin stated it would be quicker). More than one month later and I've not heard a peep from the fcsc.

What about the rest of you?

Although I am not a client of Alpari, I am very interested in knowing how FCSC is handling this , because if they pay on time then it will prove that FX brokers are really covered by Fcsc.
And it will also prove that for OTC products UK is a better jurisdiction than US / Australia etc for a trader
 

YouAreNotFree

Experienced member
1,295 225
I was told (when referring the claim to the fscs through the claim portal of the administrators 5-6 weeks ago) that they would contact me and not to take it upon myself to initiate contact with them. Yet to date there not even been an acknowledgement they have received my claim. That's bad form imo(n)

Well, should the situation remain in it's current state this Friday I will reluctantly be making contact and adding yet more costs to the entire drawn out process. I can't imagine I'm the only one in this situation either.

Meanwhile, ETX are sending me emails because my personal details were sold. They've even opened an account for me on one of their platforms with a username and password and offered help with the claims process. Was the process delayed( and is it still being delayed?) so ETX could have time to lay it's breadcrumbs to attract previous Alpari UK clients?
 
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jamesuk

Junior member
45 2
What kind of help have they offered to you ? and did they open the account without your confirm ? Of course the target of EDX will be to get as many of Alpari uk clients on board with EDX. I have never traded either of them i am just asking out of curiosity.
 

YouAreNotFree

Experienced member
1,295 225
They opened it with no contact from myself at all. I can't remember what help they offered but it boils down to the fact they want the funds directed straight to you ETX account (which you now have whether you want an account with them or not or not) and not your personal bank account.
 

jamesuk

Junior member
45 2
They opened it with no contact from myself at all. I can't remember what help they offered but it boils down to the fact they want the funds directed straight to you ETX account (which you now have whether you want an account with them or not or not) and not your personal bank account.

And of course i can imagine that if they manage something like this then they will require some restrictions for you for withdrawing your funds
 

highbury fx

Well-known member
338 114
And of course i can imagine that if they manage something like this then they will require some restrictions for you for withdrawing your funds

They shouldn't do.

ETX managed to open an account for the Alpari clients by using the same information that was supplied to Alpari when the client originally applied for an account at Alpari. Regulated companies that have similar KYC procedures are able to rely on each others due diligence for clients that make applications to both firms.

Because ETX used that information to open an account they have verified you already. the only reason stopping them from making your withdrawal would be if that information was very old or if you had moved house or changed bank. they would then ask you for some scanned evidence that you are who you say you are. it certainly shouldn't cause them a delay of more than a few hours to send your money back.
 

YouAreNotFree

Experienced member
1,295 225
Yes, that's true. They did state that once the money is in your ETX account you are free to withdraw it.

Still no sign of my money. Plenty of button clicking and paper pushing activity I would imagine. Milking the process for all it's worth.

Did anyone read about the courier firm 'City link'? The administrators charged an average of £240 p/h, and there were thousands of hours billed for:LOL: The system's all wrong.
 

YouAreNotFree

Experienced member
1,295 225
So is there no-one reading this that was in the second tranche of clients? You will have agreed your account balance in the portal and passed on your claim to the FSCS.

Since I agreed my balance I've had diddly squat contact from anyone. My money was segregated. I only traded cable on that account so there was no trades to investigate. I have agreed my balance with the administrators. Yet I still don't have my money 3 months later.

Nothing like efficiency(n)
 

highbury fx

Well-known member
338 114
So is there no-one reading this that was in the second tranche of clients? You will have agreed your account balance in the portal and passed on your claim to the FSCS.

Since I agreed my balance I've had diddly squat contact from anyone. My money was segregated. I only traded cable on that account so there was no trades to investigate. I have agreed my balance with the administrators. Yet I still don't have my money 3 months later.

Nothing like efficiency(n)

the whole point of the deal that KPMG made with ETX on behalf of the creditors was to find a solution that would enable most of the creditors to get access to their funds again (as well as get ETX a lot of clients and make KPMG a lot of money, but that's neither here nor there in this instance)

Your Alpari money should be sitting on the account that ETX opened for you. If I were you I would speak to ETX and say ' you bought my funded account from alpari, where are my funds and when can I get them' and see what they say.

you don't need anyones permission to go to the FOS. If you don't get the reply you want from KPMG, Alpari, ETX or anyone else then escalate it.
 

jamesuk

Junior member
45 2
They shouldn't do.

ETX managed to open an account for the Alpari clients by using the same information that was supplied to Alpari when the client originally applied for an account at Alpari. Regulated companies that have similar KYC procedures are able to rely on each others due diligence for clients that make applications to both firms.

Because ETX used that information to open an account they have verified you already. the only reason stopping them from making your withdrawal would be if that information was very old or if you had moved house or changed bank. they would then ask you for some scanned evidence that you are who you say you are. it certainly shouldn't cause them a delay of more than a few hours to send your money back.


In that case they should require his permission to open an account under his name. I mean this doesnt seems to be very professional, i would prefer EDX to ask me first and then open an account with them.
 

YouAreNotFree

Experienced member
1,295 225
Your Alpari money should be sitting on the account that ETX opened for you.

I really hope that is not the case. From the ETX emails they periodically send, I understood that the funds could only be directed there on my permission.

The claim should have been passed to the FSCS (faster apparently). I'm awaiting a response from their complaints guy. Up to 22 days wait time.....meh.

The administrators haven't even replied to my email after 1 week.
 

YouAreNotFree

Experienced member
1,295 225
On second thoughts........

Here I am wondering where the heck my money is, growing mildly more peeved by the week, when ETX are offering to sort everything for me.

Well I didn't especially care for you opening accounts in my name without my permission, but over to you guys......go fetch me my money.
 

Fintrader

Junior member
23 10
I'm in the same situation. There was no doubt about my Alpari account balance so I agreed it with the administrators. I still haven't heard anything from the FSCS.

My understanding is that ETX has bought Alpari's client details only. It has not acquired "funded client accounts". ETX has opened accounts in clients' names and naturally hopes that clients will use their new accounts. However, there's no obligation for clients to do so. ETX also offer clients a service where ETX will liaise with the FSCS on the client's behalf to have the Alpari account balance transferred to the new ETX account. Again, there's no obligation for the client to go along with this.

I decided to give the new ETX account a try, and I deposited a small amount in it so I could do a few trades. So far it looks quite good, but I'm only testing it with mini trades.
I decided not to take ETX up on their offer of working with the FSCS and having my Alpari funds transferred to ETX. I think that could just add another layer of complexity to the whole process, but who knows? I assume that the FSCS will contact me at some stage to ask for my bank details.

At one time I had savings in a bank that eventually went bust, and it took ages to get the compensation money through... Let's hope they can get Alpari sorted out fairly soon.
 

YouAreNotFree

Experienced member
1,295 225
When did you agree to the balance and file with the FSCS?

It's simply not acceptable to have zero contact from them after nearly two months. How are we to know our claim has been received? Is it being processed? A timeline?

You'll get nothing from these guys.

Our money was sitting there, segregated and safe all along. There hasn't been a dispute regarding any trades or balances. Yet here we are 3 months down the line and someone, somewhere still has our money. Meanwhile, the longer this process drags on the fatter and happier the parasites, feeding on the corpse of Alpari UK, grow.

Not good enough(n)
 
 
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