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- eurasian replied Jan 31, 2015
This too. Thats the irony here, angry people complaining and making threats are exactly the reason that KPMG have to go slowly and make sure there are no mistakes made.
- eurasian replied Jan 31, 2015
Yep, this whole process is a lawyers wet dream now, they'll be like vultures circling everywhere looking for mistakes and loopholes, so KPMG have to do everything carefully and by the book. It'll take time, there will be claims, counterclaims, ...
- eurasian replied Jan 31, 2015
We talked about this earlier on the thread too. It looks like Excel Markets received funding from its backers to stay in business long enough to close client accounts, so the clients could avoid the pain of administration.
- eurasian replied Jan 30, 2015
tbh, I'm impressed with how calm you are being. When I thought the same could be happening to my FXCM funds, I was finding it hard to stay calm.
- eurasian replied Jan 30, 2015
Exactly.
- eurasian replied Jan 30, 2015
Yes, I disagree. For example, if client funds have been damaged, then clients get a claim against Alparis assets for the shortfall (and technically, the FSCS then swaps this claim for upfront compensation, and the FSCS takes over the clients claim ...
- eurasian replied Jan 30, 2015
If you genuinely believe that, then you have recourse under law. Good luck.
- eurasian replied Jan 30, 2015
If someone takes a large sh!t on the floor, I blame the person who did it, or maybe the person who supplied the laxatives. I don't blame the person with the mop trying to clean it up afterwards. It isn't just about you. A sale is a much better ...
- eurasian replied Jan 30, 2015
And if you have hard evidence that KPMG are doing this, then you have recourse under law. Not sure how this shows 'true colours', its just a statement of fact. KPMG have a legal obligation to represent your interests as clients. The problem is that ...
- eurasian replied Jan 30, 2015
If you think thats the case, sue them. But since a sale will protect client funds, you might have a tough job arguing that a sale is not in your interests.
- eurasian replied Jan 30, 2015
And thats what makes KPMGs job so difficult. They are forced, by law, to balance the needs of many different interests, not just clients. And most of those with interests are very angry and want their own problems to be given top priority. KPMG ...
- eurasian replied Jan 30, 2015
KPMG have a clear legal obligation to maximize returns to creditors *AND* clients. A sale is the best way for them to balance these competing obligations. KPMG have to act within the law. They aren't the ones that make the law.
- eurasian replied Jan 30, 2015
Its on the first page of the KPMG/Alpari FAQ. The costs and expenses of dealing with and distributing client assets (which include client monies) are paid out of client assets. Other costs and expenses are paid out of the firm’s assets
- eurasian replied Jan 30, 2015
Exactly, no new information really. They are saying the same thing - they believe the client money is ok, but they need to finish working through Alparis accounts to be certain. They've just included an example this time which has scared people.
- eurasian replied Jan 30, 2015
Its an example to show how the maths works, thats all.
- eurasian replied Jan 30, 2015
FSCS exists to compensate losses. Its all set out clearly on their site url Until KPMG have finished their work, nobody knows what the losses are (or if losses even exist at all). KPMG also have clearly stated obligations under law, so they cannot ...
- eurasian replied Jan 29, 2015
Theres no single answer to that... its going to depend on the exact laws in each country, exactly what documentation each client signed, all kinds of things.
- eurasian replied Jan 29, 2015
Ouch, so it looks like your friend is one of the 10% of negative balance accounts that FXCM have said they will target for recovery. Is there any indication of what criteria they have used to make this choice?
- eurasian replied Jan 29, 2015
Seriously, bombarding KPMG is not going to achieve anything. You think this is the first administration they've been involved in where creditors have been angry? You want to be angry at someone? Get angry at the FCA and at Alpari. KPMG are just the ...
- eurasian replied Jan 29, 2015
The crazy thing is jizzyjay, I think even the FCA acknowledges some of the shortfalls if you read details of their consultations and rule changes etc - segregated accounts / client funds is actually an extremely complicated area, and the FCA are ...