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  • #3,361
  • Jan 30, 2015 7:55am Jan 30, 2015 7:55am
Quoting verv
{quote} How did you get 200k for 1 week? Anyway, there is somewhere close to 100million in client funds - so I believe, if that is true then I would expect that the charge from KPMG is going to be quite small.

400 pounds a hour * 10 hours = 4k
times by 5 for 5 days work = 20k

one month at 112k

oops typo error
  • #3,362
  • Jan 30, 2015 8:05am Jan 30, 2015 8:05am
Quoting Tim_isoara
{quote} LOL. I have 20k in segregated accounts. I went yesterday in London, at Kpmg office, with 5 lawyers, 3 dogs and 5 beautiful woman. Kpmg was scared. In 3 seconds, they gave me 100k, with apologies. After I counted the money, they was 105K, I think Kpmg they gave me a tip of 5k. Yep. That's the story.
  • #3,363
  • Jan 30, 2015 8:12am Jan 30, 2015 8:12am
Quoting jizzyjay
Will the Administrators take fees from client funds? The administrator is not able to use monies held in client segregated accounts to pay their fees without a court order. This would be a court decision and not the decision of the administrators. Any court hearing would be public and creditors and clients would have notice of the hearing and an opportunity to make submissions to the court before any order was granted. This is how the aussies do it. FCA take note.
I'd think in the UK the situation would be the same. I don' t KPMG can get paid off the money on segregated accounts at all! We shall wait and see!
  • #3,364
  • Jan 30, 2015 8:23am Jan 30, 2015 8:23am
Quoting papamax
{quote} I'd think in the UK the situation would be the same. I don' t KPMG can get paid off the money on segregated accounts at all! We shall wait and see!
From what I understand under UK law they can.

https://ssl.bbc.co.uk/programmes/b006mg74/contact

I think the FCA's interests need to be questioned.
We are being persecuted in the interests of the creditors.
And the FCA are allowing this to happen legally.
  • #3,365
  • Jan 30, 2015 8:28am Jan 30, 2015 8:28am
Quoting papamax
{quote} I'd think in the UK the situation would be the same. I don' t KPMG can get paid off the money on segregated accounts at all! We shall wait and see!
Its on the first page of the KPMG/Alpari FAQ.

The costs and expenses of dealing with and distributing client assets (which include client monies) are paid out of client assets. Other costs and expenses are paid out of the firm’s assets
  • #3,366
  • Jan 30, 2015 8:35am Jan 30, 2015 8:35am
Quoting eurasian
{quote} Its on the first page of the KPMG/Alpari FAQ. The costs and expenses of dealing with and distributing client assets (which include client monies) are paid out of client assets. Other costs and expenses are paid out of the firm’s assets

u think a claim can be made against this shortfall?
  • #3,367
  • Jan 30, 2015 8:41am Jan 30, 2015 8:41am
Quoting nAVIN2007
{quote} u think a claim can be made against this shortfall?
lets see what they hit us with first... its gonna be a long wait i think
  • #3,368
  • Jan 30, 2015 8:53am Jan 30, 2015 8:53am
Quoting eurasian
{quote} Its on the first page of the KPMG/Alpari FAQ. The costs and expenses of dealing with and distributing client assets (which include client monies) are paid out of client assets. Other costs and expenses are paid out of the firm’s assets

It is a specific action, which did not include looking for buyers or butchering the firm....
Until now I hopped they may be meant the transaction fee charged by banks for cross border transactions!
  • #3,369
  • Jan 30, 2015 9:06am Jan 30, 2015 9:06am
Types of conflicts
SYSC 10.1.4
01/04/2013
FCAPRA
For the purposes of identifying the types of conflict of interest that arise, or may arise, in the course of providing a service and whose existence may entail a material risk of damage to the interests of a client, a common platform firm and a management company4 must take into account, as a minimum, whether the firm or a relevant person, or a person directly or indirectly linked by control to the firm:
(1) is likely to make a financial gain, or avoid a financial loss, at the expense of the client;
(2) has an interest in the outcome of a service provided to the client or of a transaction carried out on behalf of the client, which is distinct from the client's interest in that outcome;
(2A) in the case of a management company providing collective portfolio management services for a UCITS scheme, (2) also applies where the service is provided to, or the transaction is carried out on behalf of, a client other than the UCITS scheme;4
(3) has a financial or other incentive to favour the interest of another client or group of clientsover the interests of the client;
(4) carries on the same business as the client; or in the case of a management company, carries on the same activities for the UCITS scheme and for another client or clients which are notUCITS schemes; or4
(5) receives or will receive from a person other than the client an inducement in relation to a service provided to the client, in the form of monies, goods or services, other than the standard commission or fee for that service.

Straight out of the FCA handbook.
By appointing KPMG the FCA have totally contradicted their own rules regarding conflicts of interest.
  • #3,370
  • Jan 30, 2015 9:10am Jan 30, 2015 9:10am
KMPG should stop wasting time on irrelevancies or looking for buyers and start refunding clients without issues. The regulatory authorities in UK have failed woefully in this case. It is a shame that this is happening in UK!

Quoting Articulate
This is becoming trickier by the day. I can feel a very long wait for everybody involved unless a buyer emerge this week. Some brokers have come up with attractive incentives including up 50% bonus on opening deposit to lure away Alpari clients. If these brokers succeed in getting most of these clients, who will buy Alpari? My final take on this matter is hope for the best, but expect the worst!
  • #3,371
  • Jan 30, 2015 9:12am Jan 30, 2015 9:12am
According to todays posted FQA section on KPMG website:


"Q. What does this mean for retail clients with open positions/cash balances?
A. All clients with any open positions had their position closed out as at the close of the markets on Friday 16 January 2015. On administration, there is a pooling event under the FCA’s Client Asset rules, which means that all clients are entitled to share on a pro-rata basis in the client money pool."


My actual balance should be about 0.3% or so higher than the one mentioned in statement on USD/JPY, from my statement close price and close price of markets on Friday 16 January 2015 there is about +76 pip Difference.
  • #3,372
  • Jan 30, 2015 9:14am Jan 30, 2015 9:14am
Quoting Articulate
KMPG should stop wasting time on irrelevancies or looking for buyers
KPMG have a clear legal obligation to maximize returns to creditors *AND* clients. A sale is the best way for them to balance these competing obligations.

KPMG have to act within the law. They aren't the ones that make the law.
  • #3,373
  • Jan 30, 2015 9:23am Jan 30, 2015 9:23am
Something is really f$cked up here... Its not even their money....its ours!! our money was segregated against this happening, yet they still want to use it to pay off Alpari's f$ck up!!!
  • #3,374
  • Jan 30, 2015 9:26am Jan 30, 2015 9:26am
Quoting ewinner
Something is really f$cked up here... Its not even their money....its ours!! our money was segregated against this happening, yet they still want to use it to pay off Alpari's f$ck up!!!
​I always assumed that segregated account meant it was ring-fenced, untouchable, how wrong I was .....
  • #3,375
  • Jan 30, 2015 9:32am Jan 30, 2015 9:32am
Quoting ewinner
Something is really f$cked up here... Its not even their money....its ours!! our money was segregated against this happening, yet they still want to use it to pay off Alpari's f$ck up!!!
Take it easy, you can always make claim to FSCS in case you don't receive your account in full.
http://www.fscs.org.uk/

And better yet, wait for official information and money in your account before making assumptions.
  • #3,376
  • Jan 30, 2015 9:33am Jan 30, 2015 9:33am
Quoting pauljred
{quote} ​I always assumed that segregated account meant it was ring-fenced, untouchable, how wrong I was .....
Me too, i still don´t believe in this...
  • #3,377
  • Jan 30, 2015 9:34am Jan 30, 2015 9:34am
As far as I understand KPMG have to announce reasonable deadline for any clients to make a claim.

And after that deadline they would need to count all claims and compare it to balance of segregated accounts.

Wishful thinking to myself: They have stated that so far all monies look to be there and chances are that not everyone will claim their share we actually might be getting more than 100% of our money. Usually there are some people who have some change left and are not bothered to withdraw, maybe even year ago or more from now. What if someone has died while keeping money in account (possibility out of 100 000 customers) or some Arab sheik could care less about 10k or even 100k.

Pro-rata basis means if there are 3 people, one holding $100, one $300 and other $600 in account which is $1000, one guy has a claim of 10% one 30% and the other 60%. If the guy with $100 is not bothered or he does not make a claim by deadline. Other 2 guys can claim now respectively 33.(3)% and 66.(6)% which is $333.33 and $666.66.


But this means there will be set deadline, which will be many weeks/months from now!!!
  • #3,378
  • Jan 30, 2015 9:37am Jan 30, 2015 9:37am
There is nothing EFT up right now. They are doing exactly what they have to do and according to all guidelines.

I am just realising it will be a while till we get our money back. Other than that everything is OK.
  • #3,379
  • Jan 30, 2015 9:43am Jan 30, 2015 9:43am
Quoting vkauppin
{quote} Take it easy, you can always make claim to FSCS in case you don't receive your account in full. http://www.fscs.org.uk/ And better yet, wait for official information and money in your account before making assumptions.
this we understand it, but it is from January 16, we expect official communications
  • #3,380
  • Jan 30, 2015 9:45am Jan 30, 2015 9:45am
Quoting pauljred
{quote} ​I always assumed that segregated account meant it was ring-fenced, untouchable, how wrong I was .....

this is the only reason why we all choose alpari i guess..we all thought our money is face..if we had known different theres no f^^&cking way i would have given them 17k to start trading

thx god i didnt give more..it simply tells me..nothing is as it appears, there is no such thing as a 100% guarantee and this regulatory body is useless to say the least
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