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  • #3,301
  • Jan 30, 2015 4:40am Jan 30, 2015 4:40am
Quoting nAVIN2007
..completely losing faith in placing my money with a broker ever again
Totally agree, im only ever going to leave enough money in my account to trade with from now on, whatever is left in the account be prepared to lose it worst case scenario!

Let hope we get some info today!
  • #3,302
  • Jan 30, 2015 4:48am Jan 30, 2015 4:48am
Quoting ewinner
{quote} Totally agree, im only ever going to leave enough money in my account to trade with from now on, whatever is left in the account be prepared to lose it worst case scenario! Let hope we get some info today!

thinking the same thing..cant leave money with a broker..its not secure
  • #3,303
  • Jan 30, 2015 4:49am Jan 30, 2015 4:49am
Quoting nAVIN2007
I just phoned the compensation team (0207 7414100) and they told me basically they arent even involved they only come into the picture as a last resort to make a claim assuming the company did everything by the regulators rules and so far they havent even been contacted?? so in a nutshell..we have to pray these alpari people did things properly to see any money?? not happy about the way we are being dealt with..completely losing faith in placing my money with a broker ever again
Also call KPMG,we from abroad can not call on given number
  • #3,304
  • Jan 30, 2015 4:54am Jan 30, 2015 4:54am
Quoting wantsomepips
{quote} Hi, Ask your friend what is his/her lawyer information, I would like to use the same lawyer. Or some of us can make combined claim! So that we can save on lawyer expenses.
When i have more info i will share here.
myfxbook: neoxis
  • #3,305
  • Jan 30, 2015 5:04am Jan 30, 2015 5:04am
Quoting neoxis
My friend has 50k in segregated fund...he wents there the past week in london to kpmg office for let them sign a paper than he tooks from his lawyer which say if they hold for more time his funds he gonna apply a % of interest if they don't let him to withdraw his money. So next week he will goes again in london he has an appointment with kpmg and then they give him the whole entire amount to his bank account. He said to me if you don't take lawyer and don't go there...they don't move their a**.

are you sure they did that to your friend??? i am talking more than 100% sure... because thats an unfair practice against the others waiting on the same terms...


also i would love to see a copy of his paper presented to the KPMG


i am in doubt based on the above comment of mine...but if this happened... its precedent
  • #3,306
  • Jan 30, 2015 5:08am Jan 30, 2015 5:08am
Quoting neoxis
My friend has 50k in segregated fund...he wents there the past week in london to kpmg office for let them sign a paper than he tooks from his lawyer which say if they hold for more time his funds he gonna apply a % of interest if they don't let him to withdraw his money. So next week he will goes again in london he has an appointment with kpmg and then they give him the whole entire amount to his bank account. He said to me if you don't take lawyer and don't go there...they don't move their a**.
hahaha, I'm waiting. who takes a lawyer can burn his money as well. Then the money is no longer with Alpari but the lawyer has the money.
  • #3,307
  • Jan 30, 2015 5:13am Jan 30, 2015 5:13am
Quoting leokatz
{quote} hahaha, I'm waiting. who takes a lawyer can burn his money as well. Then the money is no longer with Alpari but the lawyer has the money.
2weeks already no f.... official announcement
  • #3,308
  • Jan 30, 2015 5:15am Jan 30, 2015 5:15am
I received this letter yesterday from them after I wrote them a stinker.

They quoted my Alpari acc number when sending the below to me.
It seems as if we will soon have something to work with.......

Dear Mr. ...............
Alpari (UK) Limited (in special administration) (the "Company")
Please note that you will receive notification setting out the process to make a claim in due course.
Please monitor the Joint Special Administrators’ website for further updates which will be provided as information becomes available. We expect to provide a further update to the FAQs this week.

www.kpmg.com/uk/alpari

Yours faithfully
for Alpari (UK) Limited

Scott Rubin

For the Joint Special Administrators

Never Ever Give Up!
  • #3,309
  • Jan 30, 2015 5:17am Jan 30, 2015 5:17am
Quoting Cobra
... We expect to provide a further update to the FAQs this week....
which means today...or am i missing something?
  • #3,310
  • Jan 30, 2015 5:26am Jan 30, 2015 5:26am
Quoting KGP
{quote} are you sure they did that to your friend??? i am talking more than 100% sure... because thats an unfair practice against the others waiting on the same terms... also i would love to see a copy of his paper presented to the KPMG i am in doubt based on the above comment of mine...but if this happened... its precedent
He still not took the money. He has an appointment which he will be able to withdrawal the amount and he will go in their office with the lawyer.

I don't think is unfair...For now no one claimed the money with an appropriate form or denounced. For how things are now..you are just waiting their answer nothing more nothing less. So there is nothing about fair or unfair. It's just up to you if you want to wait their process or not and obviously if you don't want you need a lawyer than may take the things figure out before the process.
There isn't any law than permit them to hold the money like this. So he requested with a lawyer to check about his fund if still exist on the bank and if they don't give money back to him, easily he gonna take them in front of the court in uk. So after a check up they said to his lawyer his account is safe he didn't traded anything on 15 january so he's available to withdraw and he received an appointment for have money back the next week of course with the lawyer supervision.
KPMG just make their interests so taking time for figure out the alpari business but no one law say to you to wait this and of course you need a lawyer for bypass the process.
I cannot be sure 100% cause is not me. But i don't know why he should to tell me a bullshit.He was really in london the past week and he gonna share his information about lawyer to me and as i said when everything is more clear i will share on here.
myfxbook: neoxis
  • #3,311
  • Jan 30, 2015 5:26am Jan 30, 2015 5:26am
Quoting KGP
{quote} which means today...or am i missing something?
yea, I think so
  • #3,312
  • Jan 30, 2015 5:31am Jan 30, 2015 5:31am
Quoting Cobra
I received this letter yesterday from them after I wrote them a stinker. They quoted my Alpari acc number when sending the below to me. It seems as if we will soon have something to work with....... Dear Mr. ............... Alpari (UK) Limited (in special administration) (the "Company") Please note that you will receive notification setting out the process to make a claim in due course. Please monitor the Joint Special Administrators’ website for further updates which will be provided as information becomes available. We expect to provide a further...
Great news we will see. thanks for share.
myfxbook: neoxis
  • #3,313
  • Jan 30, 2015 5:54am Jan 30, 2015 5:54am
Quoting neoxis
{quote} He still not took the money. He has an appointment which he will be able to withdrawal the amount and he will go in their office with the lawyer. I don't think is unfair...For now no one claimed the money with an appropriate form or denounced. For how things are now..you are just waiting their answer nothing more nothing less. So there is nothing about fair or unfair. It's just up to you if you want to wait their process or not and obviously if you don't want you need a lawyer than may take the things figure out before the process. There...
i might not have placed it in a correct manner...

its preferential treatment... its supposed to be a process ... noone can do anything because everyone is waiting for the process...

i dont know if you have an experience of these kind of matters (although its hard to find any in this sector...i dont know anyone going through the same thing in the past).... but until everything is in place nothing can take place.

with my "limited" legal experience/knowledge which i got from a welsh university we are (clients) all in the same boat... if someone gets out first its probably because for everyone else the case has cleared.

thats why i asked for the letter he presented. the claim is very weird and the preferential treatment even more

threat of give me the money or i will charge you interest means nothing because this amount doesnt come from their (KPMG) pockets and also as you said he has 50k so its just on the edge of the 50k "security limit".... and i doubt the authority would pay even a penny more.


i guess it has to do with the email regarding the new FAQ update which is probably going to take place today and hope what he told you of getting back the whole sum...is true...as it will mean the same is happening with the rest of us
  • #3,314
  • Jan 30, 2015 6:02am Jan 30, 2015 6:02am
Quoting KGP
{quote} i might not have placed it in a correct manner... its preferential treatment... its supposed to be a process ... noone can do anything because everyone is waiting for the process... i dont know if you have an experience of these kind of matters (although its hard to find any in this sector...i dont know anyone going through the same thing in the past).... but until everything is in place nothing can take place. with my "limited" legal experience/knowledge which i got from a welsh university we are (clients) all in the same boat... if someone...
  • #3,315
  • Jan 30, 2015 6:04am Jan 30, 2015 6:04am
idle whim I sent an email not only to KPMG but I also sent an email to the FCA. and I got a reply a few moments ago.
This is the reply of the FCA

Dear Mr .....
I thank you for your recent email regarding your concerns with the firm Alpari (UK) Ltd. I can appreciate the distress this must be causing you.

KPMG LLP have been appointed as special administrators by the High Court, as such the Financial Conduct Authority (FCA) cannot intervene or comment on the administration process. You have mentioned that the firm in New Zealand has completed the payment to 96% of their clients, again the FCA cannot comment on the administration process of any other regulator.

KPMG have set-up a dedicated hotline and email address for customers of Alpari (UK) Ltd – (0333 202 1397, [email protected]).
I recommend you use these, and their website – www.KPMG.co.uk – for any questions that you may have.
If you are unhappy with the conduct of KPMG then you can speak to the Insolvency Service ( https://www.gov.uk/government/organi...lvency-service ) as they regulate the firm in terms of their insolvency practice.

I know this is not the answer you were hoping for but I hope the information I have provided has been useful to you.

Yours sincerely
  • #3,316
  • Jan 30, 2015 6:06am Jan 30, 2015 6:06am
Quoting KGP
{quote} i might not have placed it in a correct manner... its preferential treatment... its supposed to be a process ... noone can do anything because everyone is waiting for the process... i dont know if you have an experience of these kind of matters (although its hard to find any in this sector...i dont know anyone going through the same thing in the past).... but until everything is in place nothing can take place. with my "limited" legal experience/knowledge which i got from a welsh university we are (clients) all in the same boat... if someone...
i guess it has to do with the email regarding the new FAQ update which is probably going to take place today and hope what he told you of getting back the whole sum...is true...as it will mean the same is happening with the rest of us.

Maybe is like this and his lawyer informed him about the next week will be possible claim the money.
I don't know the details..if i will know i will tell you for sure.
Anyway i'm in your same situation. I just reported what he said to me and sure he never share legal documents about his situation to me but as i said before i don't know why he should to tell me a bullshit. We will see next week if i have some new update about his claim.
myfxbook: neoxis
  • #3,317
  • Jan 30, 2015 6:19am Jan 30, 2015 6:19am
My response from FCA:

Dear Sir/Madam,

I thank you for your recent query regarding your concerns about Alpari (UK) Ltd. I can appreciate the distress this must be causing you.

Alpari (UK) Ltd has entered into the Special Administration Regime (SAR) on Monday 19 January. The SAR was introduced, by the UK government in 2011, to help sort out situations where investment firms, which hold clients’ money and/or assets under our rules, fail. The SAR process has a number of objectives, but one of these is to ensure clients’ money and assets are returned to customers as soon as is reasonably practicable.

KPMG LLP have been appointed as the special administrators for Alpari (UK) Ltd, and will now assess the client money position of the firm. Once they have carried out this assessment, the next steps will become clearer.

KPMG have set-up a dedicated hotline and email address for customers of Alpari (UK) Ltd – (0333 202 1397, [email protected]). I recommend you use these, and their website – www.KPMG.co.uk – for any questions that you may have.

KPMG have been appointed as special administrators by the High Court so you will need to contact KPMG on the number and email address provided above.

Yours sincerely
  • #3,318
  • Edited 6:59am Jan 30, 2015 6:22am | Edited 6:59am
Quoting panhwar
{quote} Also call KPMG,we from abroad can not call on given number
Quoting KGP
{quote} if you can ask them whether they (KPMG) plan to get a mgt fee out of our accounts please
OK i have just phoned them..and they gave me the usual crap thats on the letter..she basicaly said to me if the money is in a segregated account we will get a share of the client pool, on a pro rata basis.

I asked " how do any of us traders know if alpari placed our money in a segregated pool?" ..she answers "did u open yur account with alpari with your own money to trade for yourself"

I said "yes"..she said "then your money was placed in a segregated account"..this is how, u know if your money is protected or not!!

so it appears if u was a trader, looking after managed accounts..yur basically screwed, because it wasnt segregated and theres a chance where u fall in a grey area of uncertainity...managed account are not protected, as u fall under the retail sector. RETAIL = F*CKED

we have a choice, u can phone the claims department and put in a claim for your money!! ..so u do not have to wait, anything under 50k can be got back It appears..Otherwise U or I are waiting for KPMG to try and sell alpari with the customer base to a new firm, who will resolve/ continue our trading platforms (basically inherit us) so we can continue trading..

The choice is yours..

if u are trading managed accounts u need to worry . If u are trading for yourself = no worry..I think we going to get through this..I hope this was useful
  • #3,319
  • Jan 30, 2015 6:30am Jan 30, 2015 6:30am
Hi guys

In terms of claiming your money from FSCS is not an option at this stage, the reason being, I have already a long chat with FSCS and basically they said that Alpari must declare themselves default and than FSCS can take over and we can make the claim, also I asked the very obvious question, if Alpari declares default when can get our money back and FSCS answer was minimum 6 MONTHS,so at this stage we are all stuck,just waiting and waiting and I am praying that ALPARI does not declare DEFAULT,soo f..ed
  • #3,320
  • Jan 30, 2015 6:32am Jan 30, 2015 6:32am
Quoting nAVIN2007
{quote} {quote} OK i have just phoned them..and they gave me the usual crap thats on the letter..she basicaly said to me if the money is in a segregated account we will get a share of the client pool, on a pro rata basis. I asked " how do any of us traders know if alpari placed our money in a segregated pool?" ..she answers "did u open yur account with alpari with your own money to trade for yourself" I said "yes"..she said "then your money was placed in a segregated account"..this is how, u know if our money is protected or not!! so it appears...
So how can we make this claim??? through their phone line??? not by email??
myfxbook: neoxis
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