Dislikedsent this to FCA. But i dont think they really care. Hello, I am Forex trader, I opened account with Alpari UK for only one major reason. It was regulated by FCA UK. but now we have examples of two Forex firms which became insolvent. One is FCA UK regulated and other is regulated in New Zealand. Unfortunately clients of New Zealand regulated broker started getting funds from very next day on insolvency, but FCA UK regulated broker clients know nothing about anything. we don't know what is going on behind doors. Why is that? Did i make mistake on...Ignored
Is this not what regulation is supposed to be?
They should have started refunding traders days ago.... That is what I expect from regulation and segregated accounts.
I have said it before: I have no business with the selling of Alpari. Nowhere is it mentioned in my contract with them that in the event of insolvency I must wait for a possible sale of the company.
My money is segregated. Alpari does not exist anymore and I have the right ( according to UK regulation) to be refunded.
Money should be paid out in the following order:
- Refund those with a positive acc balance who did not trade on the 15th.
- Refund those with positive acc balances who did trade during the SNB announcement , but who did not trade the chf. These will be traders who were subject to the volatility , but who closed their trades without broker intervention or a margin cal.
The rest would be traders who traded the chf. This should be audited by KPMG and when in agreement with an acceptable "chf rate" each case should be dealt with accordingly. Those in positive should then be paid and those in a total negative will get nothing. KPMG will decide how to deal with that then.
This is my opinion and I find it hard that regulation in the UK are not up to it. Regulation by law means regulation.
Cases under point 1 & 2 is pretty simple and SHOULD NOT BE DRAGGED INTO THIS!
G
Never Ever Give Up!