I had a spreadbetting account with MF Global UK at the time that it was put into administration (October 2011).
I had about 5,500 GBP in the account with no open positions at the time.
So far I have received about 26% of my money back.
From what I understood, there was no evidence that UK clients had had their money misappropiated and that client assets were kept in a segregated account. I may be wrong about this but did not read anything to the contrary.
If this is true, I have to wonder why it is taking so long!
The latest that I hear is that KPMG (administrators) may be making an additional payment to clients to total 60%.
Although it has been favourable so far, I also don't understand why my account balance was converted to USD. When my payment was received, I actually gained a little because of the exchange rate. Of course if GBPUSD rises, I could lose out if/when I receive the remainder.
Do the administrators drag their feet in order to fatten their fees or do they simply have to wade through so much red tape to get things done?
Has anyone else received more than the 26% or have any knowledge that offers encouragement that this will all be sorted soon?
I had about 5,500 GBP in the account with no open positions at the time.
So far I have received about 26% of my money back.
From what I understood, there was no evidence that UK clients had had their money misappropiated and that client assets were kept in a segregated account. I may be wrong about this but did not read anything to the contrary.
If this is true, I have to wonder why it is taking so long!
The latest that I hear is that KPMG (administrators) may be making an additional payment to clients to total 60%.
Although it has been favourable so far, I also don't understand why my account balance was converted to USD. When my payment was received, I actually gained a little because of the exchange rate. Of course if GBPUSD rises, I could lose out if/when I receive the remainder.
Do the administrators drag their feet in order to fatten their fees or do they simply have to wade through so much red tape to get things done?
Has anyone else received more than the 26% or have any knowledge that offers encouragement that this will all be sorted soon?
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