The consequence of the story:
I will never again invest the financial center of UK money in any form. In other countries, the regulatory authority worthy of the name. In other states, my money seems to be better protected. What happened with Alpari, now harm the total of reputation of the UK as a financial center. And that will cost jobs in the UK at the end.
If its similar, who are the administrators for Excel Markets?
Ignored
Ask the New Zealand regulatory authority. They'll be able to tell you.
as it would be if you were to look at the site of Excel Markets in more detail? Look upwards on the website. https://www.excelmarkets.com/
Its not a minor point. I've searched and I can't find anywhere that Excel Markets is actually under administration, just that it has ceased forex trading operations.
It makes a huge difference, because administrators operate with different priorities and obligations under law.
I really want to know the answer to this if anyone has the info, it might help to explain some of the differences between Excel and Alpari.
"Excel is backed by founders of Cash Back Forex, one of the largest introducers of retail forex accounts globally holding over 49,000 live accounts. This has allowed operations to continue in overdrive to return client funds before winding down operations."
Thats a huge difference from the Alpari situation.
{quote} we need to do something. at the moment no body cares about us. fca is not concerned at all about its reputations, they think we 100000 from different countries mean nothing for them.
Ignored
Good point.
They think we are scattered and therefore have no strength to take them on.
It is our money and their reputation. The more we ask questions the more it will make them aware that we are standing together.
Its not a minor point. I've searched and I can't find anywhere that Excel Markets is actually under administration, just that it has ceased forex trading operations. It makes a huge difference, because administrators operate with different priorities and obligations under law. I really want to know the answer to this if anyone has the info, it might help to explain some of the differences between Excel and Alpari.
Ignored
From a clients point of view it is a minor point.
The FCA is meant to protect the clients interests and funds.
As of now all im hearing is there are potential buyers, there were irregularities after the SNB move, funds are in segregated accounts, formal processes have to be followed.
Well im afraid none of this is in my interest.
My funds in my bank are my interests. I dont care what goes on after that.
The FCA should of got clients money back to their rightful owners before anything else happened, that clearly is not their priority.
The segregated accounts are not meant to have any involvement in the administration of Alpari so why have they not been returned?
More importantly why hasn't the FCA demanded that the funds in the segregated accounts be reimbursed immediately?
They regulate our money in segregated accounts , but they say in the event that a client cannot get all his money back you can claim from them up to a maximum of GBP 50 000.
So what are they actually regulating???
How do you regulate funds , but the possibility exists that you cannot get all your "regulated" funds back.
Why do they not just call themselves insurers? Regulate means that you will make sure that the broker does not run away with clients money and that any other person or organization ( KPMG) cannot lay their hands on the money. Or are they ONLY protecting the funds against the broker but not against the courts appointed administrator?
Fuck knows where this is going. Very little info is coming forth. Nobody has a clue . Speculation is what it all is....
You may want it to be a minor point jizzyjay, but unfortunately it looks like it isn't.
This 'minor point' seems to be the main reason that Excel customers are being refunded quickly, and Alpari customers aren't.
According to that Excel link I posted, it seems that Excel are receiving external funding to keep them in business while they return client money. Pity nobody was willing to do this for Alpari.
You may want it to be a minor point jizzyjay, but unfortunately it looks like it isn't. This 'minor point' seems to be the main reason that Excel customers are being refunded quickly, and Alpari customers aren't. According to that Excel link I posted, it seems that Excel are receiving external funding to keep them in business while they return client money. Pity nobody was willing to do this for Alpari.
Ignored
Ok.
So what your saying is clients money being kept from them with no advice as to when it will be released is the FCA protecting our interests?
It is a minor point, for me anyway.
As I said this is a real eye opener as to exactly whos interests the FCA is protecting.
It certainly is not mine.
Dress it up how you want. There are serious questions that need to be asked.
And what exactly is your interest in all this?
{quote}So what your saying is clients money being kept from them with no advice as to when it will be released is the FCA protecting our interests?
Ignored
Er no, I didn't say that anywhere. I'm not interested in arguing or defending regulators. I'm interested in trying to understand the situation.
If you want to know my interest in this, I'm an FXCM UK client (not one with negative funds), so I've been worried about the safety of my own funds for the last few days too, and learning as much as I can about what is going on with all these issues.
Thats all, no sinister agenda, just trying to figure things out with as much logic and as little emotion as possible (which is difficult in such circumstances, of course)
{quote} Er no, I didn't say that anywhere. I'm not interested in arguing or defending regulators. I'm interested in trying to understand the situation.
Ignored
The situation is clients have their funds tied up in a company that is being administered by KPMG.
The FCA were involved with Alpari before they formally went into administration, in fact they said that they had already got KPMG in Alpari's offices before they formally went into administration.
So why did they not insist Alpari reimbursed client funds?
Why were they messing around trying to find a buyer when they could of got on with getting the funds back to the clients. More importantly why did the FCA allow them to mess around trying to find a buyer instead of demanding that they process withdrawal requests?
Instead they allow Alpari to leave withdrawal requests unprocessed then force them into administration so we have to wait for our funds.
How is any of that protecting my interests?
I have a list of questions about the actions of the FCA in their handling of this.
The situation is getting really serious now.This is my second week without any trade .Every morning I call KPMG guys(by the way it is a call centre so they don't actually work for KPMG) same answer over and over again"please check the website".The interesting thing is the lady that answers the phone there said she doesn't receive that many calls with angry clients etc. which made me quite surprised and also worried that I start to feel that Alpari had gone into very deep shit may be 90% of their clients made huge loses and when you're a client that made a huge loss why would you chase KPMG.
I also talked with FCA again today and I just went mental on them but hey who am I talking to anyway.Called FSCS as well asking whether I can open up a a case to claim my money and they said until Alpari declare default I can do anything and that was the first time someone said DEFAULT and guys apperantly that happens FSCS said 6 months minimum.So it is all f..ed now.So angry and no one wants to listen or give any indication when we can get our money back.
I will write a letter as my last option to BBC WATCHDOG but I hope I won't do that.
Thanks guys
Those are all questions I'd like answered too tbh, and I don't think we'll get many answers until KPMG has spent more time sorting through Alparis accounts.
But at least one thing is now clearer to me after this discussion - why Excel and Alpari are operating so differently in returning client funds. Excel has received external funding to continue operating until client funds are returned.
magicpips is right,it seems a very high percentage lost money because of chf trades including some big fish.I feel most of them
have complained about SL and other issues.It has become very complex considering many who lost wont agree about
the levels at which trades were closed and those who won want their profits.Even if some decision is made I guess many
will challenge.
