MF Global UK (Man Finance)

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?

It was good that you have written. Just this morning, I had sent a note to KMPG and Singapore MAS in regards to this fund. At the time this company collapsed, I had 1 open local stock position. No complicated forex exchange or trading on shares in other countries. Yet, I have NOT receive an single return of my fund. Before I signed up with them, I had actually asked them what will happen to my fund if the company closes down or goes bankrupt. I was told, funds are segregated and protected by the local central bank. Protection. My foot.

KPMG are the administraters for MF Global UK, I have no idea about accounts with any Singapore arm of the company.

Do you have an account with the MF Global UK? If so, you should have received some forms for claiming and to verify your account balance at the time.
If you have received those forms and submitted, I think that you should have recieved the 26% payment by now.
The problem is that KPMG will not answer emails, otherwise they would be snowed under. You have to get information off of their website.

As i understand , after the KPMG payments you could ask for the FSCS compensation and they will pay the rest for you as you are protected up to 50K quids . Did you contact the FSCS ?

http://www.fscs.org.uk/what-we-cover...bal/index.html

If I receive compensation from the administrator (KPMG) can I still pursue a claim with the FSCS?


Yes you can. However, when calculating your compensation the FSCS will deduct any payments you have received from the administrator from your final compensation amount subject to a maximum of £50,000.

I have the form, but as I understand it, there is little point in putting a claim in with them until KPMG make a final payment.

To be honest a lot of this stuff goes over my head. I'm sure that it does with a lot of people. I believe that 1 year after the collapse, 50% of UK account holders had still not returned the claim form and the agreement of balance.
I can only guess that many account holders didn't understand the forms and did not have enough in their accounts to warrant employing an accountant.
I'm just annoyed that 15 months after the event, I'm still waiting for the remaining 4,000 GBP to be returned.

Just call the FSCS and ask for help , check these Q :

How long will the FSCS take to process my claim?

If claimants who have returned a completed Application Form to the FSCS are found to be eligible, and have agreed a final balance with KPMG, the FSCS will seek to pay compensation as quickly as possible, in most cases within one month of receiving the information from the Special Administrators.

I have received an application form but I am unsure how to complete it. What should I do?

Please try to complete the form to the best of your ability, and avoid leaving any questions blank. The completed form should then be returned in the prepaid envelope provided along with any documentation that you believe is relevant to the claim.

If you have specific queries about individual questions on the form, please contact our helpline on 0800 678 1100 or 0207 741 4100 and we will be happy to help you.

Why not just assign your rights to the FSCS so you get paid by the FSCS and they by KPMG ? or its late now ...

In the form I have received from KPMG they have referred to an assignment of my rights to the FSCS. What is meant by this?

If the FSCS accepts a claim for compensation, under the terms of our offer of payment, a claimant will be required to assign to the FSCS all their rights in relation to their claim. This enables the FSCS to 'stand in the shoes' of investors in respect of their claim. Relying on these rights, the FSCS will seek to recover all or part of the cost of compensation in the administration.

If you have received an FSCS payment you will have assigned your rights to us. This means that any dividend you would have received from KPMG will now be paid to us.

Thanks Tar,
I didn't realise that I could claim compensation from the FSCS and then assign any rights to them.
I will look into it.
One of my problems is that I live in Thailand. I know that it doesn't make sense with the amount of money involved, but unless I pay 20 Quid to send a letter, it is not guaranteed to arrive. The good thing about KPMG is that I can download, print, fill in, scan and then email back to them

You should check if it is not late cuz you already have received some payments from the KPMG , but maybe you can ...