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  • #4,541
  • Feb 25, 2015 8:50am Feb 25, 2015 8:50am
Quoting Tim_isoara
{quote} No. You have agree to pay a fee. Is not a valid claim for FSCS

Correct, you cannot claim the KPMG fee back from FSCS.

You can only claim the shortfall excluding the fee.
Never Ever Give Up!
  • #4,542
  • Feb 25, 2015 8:56am Feb 25, 2015 8:56am
just hope that my sources are correct...and that an agreement is getting reached...

at least on broker (mentioned in the past) is really keen and working to badly get the clients with the positive balances...

thats the outcome i prefer and is better (i believe) to all of us...


otherwise its of no use of "fighting" over KPMG's fees... its an endless game and the outcome? adding at the end more....fees to them
  • #4,543
  • Feb 25, 2015 9:00am Feb 25, 2015 9:00am
Quoting Tim_isoara
{quote} No. You have agree to pay a fee. Is not a valid claim for FSCS
Yes,I did read about kpmg charging from client monies. For starters none should vote
in favour of kpmg charging us for the work.Let the people who appointed them pay.
I would speak to fca ,will let you know.
  • #4,544
  • Feb 25, 2015 9:24am Feb 25, 2015 9:24am
Quoting shail31
{quote} Yes,I did read about kpmg charging from client monies. For starters none should vote in favour of kpmg charging us for the work.Let the people who appointed them pay. I would speak to fca ,will let you know.
You are kidding me?!!!! KPMG is trying to extort their payment from the client funds??? Funds that's supposed to be completely segregated??? That is ABSOLUTELY ridiculous!!! WHY should the clients pay to get back money that rightfully belonged to them??!!! OMG!!! Their fees should come out FCA!! It's FCA who appointed them and hired them so WHY should all the clients pick up the tab??

This is outrageous!!
Make your losses in demo. Earn your profits live.
  • #4,545
  • Feb 25, 2015 9:42am Feb 25, 2015 9:42am
Quoting Forexia
{quote} You are kidding me?!!!! KPMG is trying to extort their payment from the client funds??? Funds that's supposed to be completely segregated??? That is ABSOLUTELY ridiculous!!! WHY should the clients pay to get back money that rightfully belonged to them??!!! OMG!!! Their fees should come out FCA!! It's FCA who appointed them and hired them so WHY should all the clients pick up the tab?? This is outrageous!!
I agree.I want to know if anyone has actually spoken to the fca about it?
  • #4,546
  • Feb 25, 2015 9:55am Feb 25, 2015 9:55am
Quoting neoxis
money are 99.6 mln and 1.3 mln still returned they said...so total in client pool should be 100.9 mln $ (with interested generated obviously by bank). If around 3.2 mln $ at this spotrate are fee until 13 feb...in case their work continues until another month maybe all fee amount can reach over 5% of our funds. For now on what they said we have 100.9 mln$ - 3.2 mln $ = 97,7 mln $ remain for prorata basis at this point but for sure fee will be more at the end of the process maybe over 5 mln$.
thanks for what you mentioned , but when are we going to know our latest balance ?
  • #4,547
  • Feb 25, 2015 9:56am Feb 25, 2015 9:56am
Quoting shail31
{quote} I agree.I want to know if anyone has actually spoken to the fca about it?

This is the main question, pls 1 english mother tongue can speak to them and help us updated.

BIG THX
  • #4,548
  • Feb 25, 2015 10:04am Feb 25, 2015 10:04am
Quoting shail31
{quote} In case of the second a/c ,I don't think it is compulsory to send the claim form as it is being used in voting purposes. I must add I have sent the form via email with an estimated amount I think I am entitled to. About how to calculate,if you are satisfied with the last statement you received from alpari then enter that amount or else choose the price where you think your trade should have closed add it to the statement amount and then convert to dollars.
thanks mate! my trade was closed almost at b/e, so i don't really care. but i dont like the idea that kpmg would be funded with clients money since they were appointed by the fsa. they should pay them.
less is more
  • #4,549
  • Feb 25, 2015 10:08am Feb 25, 2015 10:08am
Quoting mejo
Hi! i have 2 accounts...one had no trades open or opened on 15. 16. jan the other had it. so for the first account i will not send no statement. what about the other account? as i understand this statement of claim is only if you wish to vote. so if i don't send any documents they will understand that i am FOR on every statement for voting? so will i get my money anyway, sending a claim or not sending it? if i send a statement of claim, how do i calculate "Amount of claim for voting purposes"? thanks
You have, for example, an account in EUR. 1000 euros as an example. The conversion rates you see at KPMG. Now you divide 1000 by the exchange rate. At the divisor is € 0,861. Result would therefore consists of 1000 € 1,161.44 USD.
  • #4,550
  • Feb 25, 2015 11:26am Feb 25, 2015 11:26am
ok i wanna make sure im not missing anything before sending them the Retail Client's statement of Claim..
i printed out the document attached on their website.. filled my info.. signed it and scanned it, i will send with it the daily confirmation email sent to me on jan,17 that clearly says that my balance is 13,702 USD
is there anything more i need to send with these papers?
  • #4,551
  • Feb 25, 2015 11:33am Feb 25, 2015 11:33am
Quoting Mroue26
ok i wanna make sure im not missing anything before sending them the Retail Client's statement of Claim.. i printed out the document attached on their website.. filled my info.. signed it and scanned it, i will send with it the daily confirmation email sent to me on jan,17 that clearly says that my balance is 13,702 USD is there anything more i need to send with these papers?
The voting form, correctly completed, if you you want to attend or have your vote cast by proxy
  • #4,552
  • Feb 25, 2015 11:47am Feb 25, 2015 11:47am
Hi guys,
I called KPMG. The person that I talked to said that as a client I should not send any documents yet, should wait until I receive the proposal email from KPMG. At that moment with the information at hand I will know how to vote and what to claim if I dont agree with their proposal. That sounds fair to me. So I am going to wait until I have all the info available.
Cheers,
  • #4,553
  • Feb 25, 2015 12:09pm Feb 25, 2015 12:09pm
i forgot to say that i was trading the swissy on jan 15 and continued to book profits on 16 and early 17 of january.
so i will not be able to claim anything on march 6 and i have to wait untill the end of the month, but what i need to know is i have to send these docs now right ?
  • #4,554
  • Feb 25, 2015 1:22pm Feb 25, 2015 1:22pm
I have 2 alpari accounts. one only had a cash balance with no trades open after 15th January 9am.

The other one I opened trades after 9am on 15th January.( this one had large amount in )

so in next few days I should get access to this portal and will update here.
  • #4,555
  • Feb 25, 2015 1:24pm Feb 25, 2015 1:24pm
also last statement I received was 16th January 23.59 showing the closed trades which alpari closed that morning.
  • #4,556
  • Feb 25, 2015 1:25pm Feb 25, 2015 1:25pm
I see alot of questions asked here that have been answered in the previous pages of this tread, and if you can't find them, just click my name and read some of my posts from earlier today.

I know there are tons of questions and very difficult to find the answers in the KPMG lingo/language, and i have tried to my best knowledge to clarify some points.

Hope this helps.
  • #4,557
  • Feb 25, 2015 2:51pm Feb 25, 2015 2:51pm
People who traded on 15(after 9am gmt) and 16th or had open trades,your statement
is not confirmed.The validation of the trades has not been done.
  • #4,558
  • Feb 25, 2015 3:28pm Feb 25, 2015 3:28pm
Quoting TheBody
{quote} If you look at the proposal pdf you will see from page 20: "Objective 1 to ensure the return of client assets as soon as is reasonably practicable" ... "Our remuneration incurred in pursuit of Objective 1 is to be paid out of client monies held by the Company, in accordance with Rule 196". "From the date of our appointment to 13 February 2015, we have incurred time costs of 1,921,160" They don't state that the total incurred costs(objective 1+2+3) should be paid by clients, only those costs directly associated by pursuing Objective...
1.9 mil? Looks like I'm in the wrong business....
  • #4,559
  • Feb 25, 2015 3:31pm Feb 25, 2015 3:31pm
I don't know if anyone noticed this on the proxy form:

http://screencast.com/t/Dr0bw0TTHC

Basically our VOTES on resolutions 4 to 7 will only be valid if we choose against a formation of a Commitee. IF you vote FOR a Commitee to be formed the commitee will decide what will happen on those final 4 resolutions.

So my suggestion is, if you wanna have a say on those resolutions you might wanna vote AGAINST a commitee being formed.
  • #4,560
  • Feb 25, 2015 3:59pm Feb 25, 2015 3:59pm
For what it is worth below are my votes and the reasons behind it.

Resolution 1 - FOR
because voting against the proposal would only mean that they will have to spend more time and money creating a new one that won't be much different from the first one anyways.

Resolution 2 - AGAINST
because I wanna have a say on resolutions 4 to 7 and if a committee is created the votes on those resolutions are worthless and the committee will decide whatever they want.

Resolution 3 - BLANK because i was against resolution 2

Resolution 4 - FOR
because voting against would only mean more wasted time and money as they would have to go to courts and judge would say that they have to be paid anyways, might reduce the hourly fees a bit but will incur a lot more hrs of cost due to the court process.

Resolution 5 - AGAINST
because first of all I am a client with money on segregated accounts, if the company was operational the costs of distributing the money back would not be paid by clients so I see no reason for us to pay for it just because the company is insolvent. It is the company that has to pay for it, they have assets that will be sold to cover those costs, if the don't have enough to cover, the creditors will take the hit which is fair enough if they decided to take risks with a company without guarantees. I only deposited with alpari because of the segregation and safety of funds, i did my research of where my money was going in terms of safety by segregation and regulation. If the Creditors didn't then it is not my problem. On top of that these are the top 8 creditors by amount:
- Citibank
- FXCM
- HMRC
- AVIVA Life Insurance
- Barclays Bank
- Broadgate Estates
- Google
- CitiFX

Do you really care what happens to these massive companies or if they pay for the costs? These costs or even these losses mean nothing for them. The remaining creditors are mostly professional clients who should have protected their butts better, unfortunately.

Resolution 6 - FOR

because voting against would only delay the process further and not change the outcome.

Resolution 7 - FOR
because voting against would only delay the process further and not change the outcome.
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