Alpari / FCA situation

[igual]

Hi all
I am looking for a new broker and am curious about the resolution of the Alpari insolvency. I know that they were FCA regulated so clients funds were supposed to be ring fenced. Did the clients get their money back in the end?

I am just working out how the regulation works

thanks

Ig

 

[Pat494]

I think those that agreed to have their money transferred to a nominated broker ( I think it may have been ETXFOREX ) have received their money back but those like myself that opted to get it back in cash have not. Certainly I haven't got my small deposit back. If they had to pay interest on those outstanding accounts they would no doubt have completed by now.

 

[igual]

It was / is an unbelievable situation. Have they told you that you will got your money back? Choosing a broker is a real minefield.

Thanks Pat494.

Igual

 

[Pat494]

I will email the administrators direct and try and get some clarity on the situation. Will let you know what reply if any I get.

 

[Pat494]

Here is the reply I got in June

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Dear Sir/Madam

Thank you for your email. Please be advised that we are currently receiving a very high volume of emails regarding the special administration of Alpari (UK) Limited but we will endeavour to respond to your query as soon as possible.

For further information, we suggest you monitor the www.kpmg.com/uk/alpari<http://www.kpmg.com/uk/alpari> website which we will continue to update as further information becomes available.

Yours sincerely
The Joint Special Administrators

Mark Granville Firmin, Richard Heis and Samantha Rae Bewick were appointed as joint special administrators of Alpari (UK) Limited on 19 January 2015.

The affairs, business and property of Alpari (UK) Limited are being managed by the joint special administrators who contract as agents of Alpari (UK) Limited without personal liability.

Mark Granville Firmin, Richard Heis and Samantha Rae Bewick are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales.

 

[igf2]

I got my money back in full ammount +10% because USD rate change, they sent money in USD, you can had to do all the necesary steps, all was very easy ans smooth, money was sent from Financial Services Compesation Scheme account, all process took about 3 months, so I must say FCA regulation works and works good..

 

[Pat494]

Well IGF2 has been paid. I wonder why I am still waiting.
I will have to get onto the FCA because KPMG don't look like they are on the ball at all.