Alpari.co.uk Discussion

OMG! But how can they accumulate $1.9 million in fees??!!! The majority of their activities is winding down the other parts of the business for the creditors, employees, suppliers and the other stakeholders. For the client funds, they just needed to get a client list and pay it out and till this day they still haven't done any trades reconciliations especially with regards to the Jan. 15 SNB-related trading. They have so far done s*** for the clients besides setting up an unnecessarily fancy and still useless portal that are still in beta testing. WHY should clients pay for everything that they have done for others ?? If I were you, I would still wait for the court approval so at least I would have a chance that the court would reduce it to a reasonable amount. At the least, the fees should be pro-rated over EVERYBODY who's receiving their money. The employees, the suppliers and the creditors all should pay part of this $1.9 million fees to get their money back. It's NOT fair to have them all borne by the clients.

Not necessary! Email is enough

Honestly guys! I can't believe I keep reading the same things over and over again... Stop whining and start reading, go educate yourself! For the zillionth time, clients WILL NOT have to pay for all the KPMG costs. If they do have to pay something, it will be only for the costs related to getting money returned to us.

It is what it is, get over it and READ so you at least know what is going on.

Hi to all, i'm new at this forum, and the reason I writting this is because i have received an email from the special administration, in which they told me that I can login to the claim portal

so i did it, but the problem is at the end when I have to choose between submitting my claim to the company (Alpari UK) or to the FSCS. i am afraid of receiving less money if i choose the company, due to it depends on the client money pool and i do not know i there is any issue with it, and by the other side I do not know how will be the process with the FSCS

here I copy the mail I received:


WHAT YOU NEED TO DO NOW
1. Log in to the Claims Portal
The Joint Special Administrators have created a Claims Portal at https://www.alpariadministration.com. You can use your existing log in username and password for the original "MyAlpari" portal. You will be given an opportunity to update your details once you have logged in.
2. Agree or dispute your account balances
The Claims Portal will show you the balance of each of your client accounts as determined by the Joint Special Administrators as at 19 January 2015, being the date the Company went into Special Administration. You will also be able to view your account statement(s). The Joint Special Administrators consider that these balances accurately reflect the correct position of your accounts following their comprehensive review.
The account balances take into account your trades and any commissions, charges or other costs for which you are liable under your Client Agreement with the Company.
You can either agree or dispute the balances of each of your client accounts:

1. Agree your balances: If you agree to the balances of your client accounts, then you are also able to agree your Client Money Entitlement and your Contractual Claim Amount.
   
2. Raising a dispute: If you dispute the balance of any of your client accounts, or believe you have other balances which should be aggregated in your claim amount in addition to those shown, you will need to provide the Joint Special Administrators with your reasoning and/or upload copies of supporting documents to the Claims Portal. The Joint Special Administrators will acknowledge your dispute, review the reasons and supporting documents you have provided and in due course send you an email to notify you of the outcome of their investigations. If you raise a dispute, you will not be able to agree your claim amount until the dispute is settled.

3. Agreeing your claim amounts
Once you have agreed your client balances, the next step is to agree the amount of your Client Money Entitlement and your Contractual Claim Amount.
Your Client Money Entitlement. In order to calculate your Client Money Entitlement, the Joint Special Administrators are required by law to convert each of your account balances into a common currency. The Joint Special Administrators have determined that this common currency will be USD. There is a legally specified rate at which your account balances must be converted into USD to calculate your Client Money Entitlement. This is the spot rate for the conversion of relevant currencies into USD prevailing at the time of the appointment of the Joint Special Administrators, which was 14.45 GMT on 19 January 2015.
The Joint Special Administrators will then, if necessary, aggregate the USD equivalent of each of your account balances to give a single USD figure, which is your Client Money Entitlement. Any amount distributed to you by the Joint Special Administrators in respect of your Client Money Entitlement will be paid in USD.
Your Contractual Claim Amount. In order to calculate your Contractual Claim Amount, the Joint Special Administrators are required by law to convert each of your account balances into sterling. There is a legally specified rate at which your account balances must be converted into sterling for the purpose of calculating your claims in the general estate of the Company. This is the mean of the buying and selling spot rates prevailing in the London market as published at the close of business on 19 January 2015.
The Joint Special Administrators will then, if necessary, aggregate the sterling conversion of each of your account balances to give a single sterling figure, which is your Contractual Claim Amount. Any amount distributed to you by the Joint Special Administrators in respect of your Contractual Claim Amount will be paid in sterling
Note that the currency of the Contractual Claim Amount (sterling) differs from that of the Client Money Entitlement (USD) and the timing of the conversion rates for these amounts also differs.
To agree the amount of your Client Money Entitlement and your Contractual Claim Amount you will need to agree to the terms and conditions of settlement of claims on the Claims Portal. Please be aware that if you choose to agree to the terms and conditions of settlement of claims you are entering into a legally binding contract.
4. Decide whether to make a claim on the FSCS
Once you have agreed the amounts of your claims, you have two options:

1. Make a claim for compensation from the Financial Services Compensation Scheme (the FSCS). For eligible claims, the FSCS can pay up to 50,000 in compensation per person. In exchange for this payment, you must assign all your claims arising out of your Client Agreement against the Company to the FSCS. More information about the FSCS is set out below. The amount of the claim for which you should seek compensation should be whichever is the greater of your Client Money Entitlement or your Contractual Claim Amount (if they are different).
   
2. Retain your claim against the Company. If you do not wish to claim compensation and assign your claims arising out of your Client Agreement to the FSCS, you will be entitled to receive directly any distributions which may be made from the Client Money Pool in respect of your Client Money Entitlement and any distributions which may be made from the general estate in respect of your Contractual Claim Amount. The Joint Special Administrators have not currently declared any distributions; it may take some time for any to be made; and you may not receive distributions for the full amount of your Client Money Entitlement or Contractual Claim Amount. Seeking compensation from the FSCS is likely to result in you receiving your money more quickly than by retaining your claim against the Company.

You will be asked on the Claims Portal to indicate whether you intend to make a claim on the FSCS. Applying to the FSCS is a separate and parallel process. The Claims Portal does not allow you to apply directly for compensation from the FSCS. Should you indicate that you wish to assign your claims arising out of your Client Agreement to the FSCS, they will contact you in due course. You do not need to contact them.
If you indicate to the Joint Special Administrators that you wish to retain your claim arising out of your Client Agreement against the Company instead of claiming from the FSCS, you will be asked to provide your bank account details to the Joint Special Administrators so that in due course they can make payments to you in respect of your claims.
5. Waive your claims
If you decide that you do not wish to make any claim for your Client Money Entitlement or your Contractual Claim Amount, you are able to waive your right to make these claims on the Claims Portal.
Please note that by agreeing to waive your claim you accept that you will receive no distributions and no longer wish to receive any further communications from the Company or the Joint Special Administrators.
SUMMARY OF PROCESS FOR AGREEING YOUR CLAIMS
A summary of the process for agreeing your Client Money Entitlement and your Contractual Claim Amount is outlined in the Claims Workflow diagram below:
https://ci4.googleusercontent.com/pr...kflow-full.jpg

MORE ABOUT THE FSCS
As you may be aware, the FSCS is the compensation fund of last resort for customers of financial services firms authorised in the United Kingdom. It protects consumers if an authorised firm, like the Company, becomes insolvent and cannot return money or investments to its customers. It describes this as "being in default". For eligible claims the FSCS can pay up to 50,000 in compensation per person. In exchange for this payment, you must assign your claims against the Company arising out of your Client Agreement to the FSCS. If you would like more information about the FSCS, you should visit their website at http://www.fscs.org.uk.
If you intend to apply for compensation from the FSCS, you should note that the FSCS will only make payments to you in accordance with its rules and if the value of the claims described above have first been agreed in full by the Joint Special Administrators. This means that if you intend to apply to the FSCS you still must agree the amount of these claims with the Joint Special Administrators.
Note that your claim on the FSCS requires the assignment of all claims you may have against the Company which arise out of your Client Agreement. Therefore, if you believe you have any outstanding balances which are not displayed on the Claims Portal but need to be aggregated into the amount of those claims, you must notify the Joint Special Administrators. You can do this either by raising a dispute, as referred to above, or emailing the Company at [email protected].
If your total eligible claim against the Company is valued in excess of 50,000 and accepted by the FSCS, it will pay the maximum compensation of 50,000 to you. The FSCS will then pass on to you any subsequent dividend payments or other distributed amounts the FSCS receive until such time (should it occur) that your total claim against the Company is satisfied in full. Thereafter the FSCS would recover any additional amounts itself to offset the cost of the 50,000 compensation paid to you.
HOW TO PROCEED FROM HERE
Please visit the Claims Portal at https://www.alpariadministration.com.
FURTHER INFORMATION
If you do not understand any of the information in this email, if you have any questions, or if you think you have received this email in error, you can contact the Joint Special Administrators by emailing [email protected].
Frequently asked questions and answers, including those which relate to the Claims Portal, are available on the Joint Special Administrators' website at http://www.kpmg.com/uk/alpari.
While every reasonable effort is made to ensure that the information provided in this email concerning the Company and the Joint Special Administrators is accurate, no guarantees for the accuracy of the information are made. This information in this email is provided as is. It is provided without any representation or endorsement made and without warranty of any kind, whether express or implied.
Please be aware that the Company, the Joint Special Administrators and KPMG LLP, hereby exclude all liability for any claim, loss, demands or damages of any kind whatsoever (whether such claims, loss, demands or damages were foreseeable, known or otherwise) arising out of or in connection with the use of this email or the information, content or materials included in this email, including without limitation, indirect or consequential loss or damage, loss of actual or anticipated profits, loss of revenue, loss of business, loss of opportunity, loss of anticipated savings, loss of goodwill or loss of reputation. Nothing in this disclaimer excludes or limits the Company's, the Joint Special Administrators' or KPMG LLP's liability for fraud or fraudulent misrepresentation or any liability which may not be limited or excluded by law.
In accordance with Rule 296 of the Investment Bank Special Administration (England and Wales) Rules 2011, you may request a hard copy of this email and any attachments by emailing [email protected], by request to the following address: Alpari (UK) Limited (in special administration), 8 Salisbury Square, London, EC4Y 8BB..
Please note that all correspondence from the Joint Special Administrators will be in English, as per clause 23.5 of the Alpari (UK) Limited Client Agreement.
This email, and any dispute or claim arising out of or in connection with it or its subject matter (including related non-contractual disputes or claims), shall be governed by and construed in accordance with the law of England.
Kind regards
For Alpari (UK) Limited

Let me answer your question..



A absolutely wrong thread for that. Are you dumb or cant read ??

Whats your problem ?

What was the balance you had on your claim portal as compared to what you had when the company when insolvent?

The balance they offered is 100% of what you had on the account or is it less? Let us know

I think making a claim against the fscs is the way to go.

they are giving you the option of recovering your money from the compensation scheme

this makes better sense to me in a few ways 1) the fscs are government run, and will likely give you a fairer deal, 2) the fscs is better able to deal with alpari than any individual or group of individual clients 3) it appears that this process is quicker if you go with the fscs

HOWEVER, what you need to do first is contact the fscs and make sure they will pay out on any claim. You must be sure that your claim will be accepted, and get it in writing if you can. ADDITIONALLY find out the total amount you are likely to receive from your claim from the fscs.

this is good news

I had accounts with Alpari MT4/MT5 and I have an account with Oanda. I like the low leverage on Oanda but I can't get used to the spread widening. I an just doing a demo on FXCM and that seems very good. Spreads are low and seems quite stable during news. I will probably open a account with them.

thanks for answering papamax and verv, my balance on the claim portal was exactly the same amount I had.
the balance is ok, the problem is choosing the best option for the claim
I was thinking the FSCS is the best option too, but I will wait for tomorrow to confirm my decision on the claim portal. anyway I think the only way to know if the FSCS is going to accept my claim is submitting the claim.
I will keep you informed.

Update for customers of Alpari (UK) Limited
20th January 2015
Alpari (UK) Limited entered the Special Adminstration Resolution regime on 19 January 2015. Richard Heis, Samantha Bewick and Mark Firmin of KPMG have been appointed joint special administrators.
The Financial Services Compensation Scheme (FSCS) is aware of the situation and is working with the special administrators to understand what the failure of the firm might mean for consumers.
FSCS cannot confirm at this stage whether claims for compensation might exist. Once the special administrators conclude their investigations we will be in a position to provide more information.
You can contact the special administrators at [email protected] or call the KPMG hotline on 0333 202 1397

http://www.fscs.org.uk/news/2015/jan...ari-5764r7j16/

Guys this is all I get from the FSCS website... cheers

Thanks for the info pipito

The Joint Special Administrators have not yet finalised your account balance(s). You will receive an email when you are able to access the Claims Portal.

POOR !

I am hard to decide which way I use to claim my money, from FSCS or Company? I am seeking a quicker way to get my money back. As I looked at the website of FSC and it said it would take up to 6 months for the whole procedure. However, according to the post from Pipito just above, the email from KPMG said it would be a quicker way to make a claim from FSCS. Does anyone have any idea about this question? Which way shall I select?

this is my email to alpari :

I want to ask to you about the claim.
the first thing I want to inform you that u have 2 account trade in alpari

the 1st account is A/C No: 9xxxxx - Micro Account
and the 2nd is A/C No: 14xxxxx - market Account


the 1st Account has Open Position (Buy and sell) and closed by alpari on 15 Januari 2015, with the last balance just only $5, and minus about $4000 ?? so , what should I do to this case? are you refund my deposit?


the 2nd account in the date 15 to 16 january still can open position, but in 16 Afternoon trade is disabled (GMT +7),


so how does the claim procedure I use? with portal or filling the form? because I read that any 2 option for claim, an account with hold position must be fill in, and without any floating position use portal claim?

should I take the 2 way claim?

Thank you for your attention, and I hope I can refund all my deposit

Best Regards




and it is the reply :

Automatic reply: ASK : CLAIM 2 ACCOUNT OF ALPARI

Dear Sir/Madam

Thank you for your email. Please be advised that we are currently receiving a very high volume of emails regarding the special administration of Alpari (UK) Limited but we will endeavour to respond to your query as soon as possible.

If you are submitting a proxy form and/or statement of claim for the Initial Meeting of Creditors and Clients to be held on 12 March 2015, please take this as confirmation that we have received your form.

For further information, we suggest you monitor the www.kpmg.com/uk/alpari<http://www.kpmg.com/uk/alpari> website which we will continue to update as further information becomes available.

Yours sincerely
The Joint Special Administrators

Mark Granville Firmin, Richard Heis and Samantha Rae Bewick were appointed as joint special administrators of Alpari (UK) Limited on 19 January 2015.

The affairs, business and property of Alpari (UK) Limited are being managed by the joint special administrators who contract as agents of Alpari (UK) Limited without personal liability.

Mark Granville Firmin, Richard Heis and Samantha Rae Bewick are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales.

Alpari (UK) Limited is authorised and regulated by the Financial Conduct Authority. FCA reference number 448002. Registered in England No. 05284142. Registered Office: 8 Salisbury Square, London, EC4Y 8BB



This email has been sent by and on behalf of one or more of KPMG LLP, KPMG Audit plc, KPMG Resource Centre Private Limited or a company under the control of KPMG LLP, including KPMG United Kingdom plc and KPMG UK Limited (together, "KPMG").
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Any opinion or advice contained herein is subject to the terms and conditions set out in your KPMG LLP client engagement letter.
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KPMG LLP (registered no. OC301540) is a limited liability partnerships registered in England and Wales. Each of KPMG Audit plc (registered no. 03110745), KPMG United Kingdom plc (registered no. 03513178) and KPMG UK Limited (registered no. 03580549) are companies registered in England and Wales. Each entity's registered office is at 15 Canada Square, London, E14 5GL.
For full details of our professional regulation please refer to https://www.kpmg.com/uk/en/about/abo...formation.aspx.

By the way, please note that
"For eligible claims the FSCS can pay up to 50,000 in compensation per person. In exchange for this payment, you must assign your claims against the Company arising out of your Client Agreement to the FSCS. If you would like more information about the FSCS, you should visit their website at http://www.fscs.org.uk.
"

This email contains important information.

Dear Sir/Madam
Alpari (UK) Limited – in Special Administration (the ‘Company’)
Joint Special Administrators – Samantha Bewick, Richard Heis and Mark Firmin
The proposals for the special administration are available to view and download at www.kpmg.com/uk/alpari.
We are convening a meeting of creditors and clients in order to seek approval of our proposals and to decide whether to establish a Creditors’ Committee comprising representatives of creditors and clients. The meeting will be held at Central Hall Westminster, Storey’s Gate, London, SW1H 9NH on 12 March 2015 at 11:00am.
In view of the large number of clients and creditors, in accordance with Rule 297 of The Investment Bank Special Administration (England and Wales) Rules 2011, certain statutory documents are being made available electronically. The following documents can be viewed and downloaded from www.kpmg.com/uk/alpari (“the Website”):

1. The Joint Special Administrators’ Proposals;
2. Formal notice convening the meeting of creditors and clients;
3. Retail Client statement of claim form;
4. Retail Client proxy form;
5. Creditor and Introducing Broker statement of claim form;
6. Professional Client statement of claim form; and
7. Creditor, Professional Client and Introducing Broker proxy form.

(together “the Documents”).
If you require a hard copy of the Documents, please:

1. Telephone +44 (0) 333 202 1397;
2. Email [email protected];
3. Write to: Alpari (UK) Limited (in Special Administration), c/o KPMG LLP, 8 Salisbury Square, London, EC4Y 8BB.

In order to vote, clients and creditors must have either submitted a statement of claim form or, if access has been allowed, agreed their balance(s) on the Claims Portal (see details below). This must be received by 12 noon on 11 March 2015 in order to be counted.
The Special Administrators will be sending the majority of clients (who had cash balances at 9.00 GMT on 15 January 2015 and entered no further trades) an email over the coming days with access details to the Claims Portal. This will allow those clients to view their statement as at 19 January 2015. A client’s agreement to their claim in the Claims Portal will be accepted for both voting purposes at the Initial Meeting (therefore there is no need for those clients to submit a statement of claim) and any distribution(s) from the Special Administration.
For those clients who have not received an email and do not have access to the Claims Portal, claimants will be permitted to submit claims on an estimated basis which may include the last statement that you received. Please note that submitting an estimated claim for voting purposes is not an agreement of your claim for any other purpose. If you are unable to determine your claim value with any certainty, the Special Administrators request that you submit an estimated claim for voting purposes and submit a formal claim for distribution purposes at a later date.
If you submit a statement of claim and then agree your claim via the Claims Portal prior to 12.00 noon on 11 March 2015, please note that your agreement to your claim in the Claims Portal will supersede your statement of claim. Your agreement to your claim in the Claims Portal will then be used for both voting purposes at the Initial Meeting and any distribution(s) from the Special Administration.
Any proxies that are intended to be used must be submitted to me by the date of the meeting. Please refer to Appendix 6 of the proposals, being further information regarding the initial meeting of clients and creditors and the voting process as well as for assistance regarding completion of the relevant claim and proxy form.
For further information regarding the Documents, please see the frequently asked questions on the Website. If you have any queries, please contact us using the details given above.
Yours faithfully
For Alpari (UK) Limited – in Special Administration
Samantha Bewick
Joint Special Administrator

I would go with papamax opinion.

As a Trader who had open positions I have to send my claims to alpari/KPMG until the deadline.....

If everything is alright
- submit the claim to alpari/KPMG
- wait

...I would guess it is the faster way now.
With FSCS it would take longer.

Cheers! ;-)

Thank you. I have found it.

I have another question, how much could I get back since I have open position after 15th, January? I only trade eurusd in those days and they closed my position on 16th, January.

In the proposals, I read like that they will not send the money back unless the client agree with the amount of money as they calculate. So how much is it? If I don't know how much is it how could I agree with the proposals? Or If I know the amount exactly I am sure I will vote "For" for the proposals. It seems not clear so I am afraid something not good will happen after voting.

Yeah making the government pick up the tab while making more money available for the creditors. Nice going. I guess if you read it carefully, it just says your money is segregated from the company funds it didn't really say it would be accessible or withdrawable in the event of insolvency. We just all assumed that our client funds, since it's safe, being segregated would be available to us but no, you actually have to PAY to get your own money back.

Why not do both? You are still entitled to file with FCSC since technically you really didn't get your money back in this event of insolvency and you are well eligible for compensation. Whichever venue that gave you your money first, you will just cancel the other claim.