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Alpari.co.uk Discussion

  • #4,701
  • Edited 4:41pm Feb 27, 2015 4:30pm | Edited 4:41pm
Quoting Forexia
{quote} Glad at least you will be able to get all your money back through FSCS. This is more like it. The question is: If everybody is going through FSCS is get their 100% of money back, what's going to happen to the client funds that's segregated in the company? Because it's segregated, it will never become part of the company assets for anybody to claim. Or are they going to become part of company "estate" once they see they are unclaimed after a period of time? Or is FSCS turning around and seize the segregated client funds from the company to...
I was told that the FSCS would pay the claim amount then they would chase up the funds from KPMG as and when they became available. Those were his exact words. From what I understand it makes sense because there will be a shortfall in our claims because KPMG have to get paid and that is what the FSCS is there to cover so why not go to them direct and guarantee 100% of your claim.
He actually said there is no point whatsoever in continuing the claim with KPMG and I agree if what he stated is correct.
Personally I dont care what happens to the money in the segregated accounts after that and I dont care how much KPMG want to charge for their services. If the FSCS are going to guarantee me 100% of my agreed balance ill go with them.
As I stated he also told me to phone again next week for clarification but was was pretty certain that what he told me was correct.
As ive said many times the FCA has got it all sewn up in the creditors favour and clients will always lose out as a result which is why the FSCS exists.
The UK banking sector is a huge earner for the UK and they have to keep them sweet which is why unfortunately the FCA will never enforce legislation which puts clients on an even playing field.
Its all politics.
  • #4,702
  • Feb 27, 2015 4:57pm Feb 27, 2015 4:57pm
Quoting jizzyjay
{quote} I was told that the FSCS would pay the claim amount then they would chase up the funds from KPMG as and when they became available. Those were his exact words. From what I understand it makes sense because there will be a shortfall in our claims because KPMG have to get paid and that is what the FSCS is there to cover so why not go to them direct and guarantee 100% of your claim. He actually said there is no point whatsoever in continuing the claim with KPMG and I agree if what he stated is correct. Personally I dont care what happens to...
Good info.

Pretty sure when I have the choice, I'm going with the FSCS.
  • #4,703
  • Feb 27, 2015 5:04pm Feb 27, 2015 5:04pm
Quoting verv
{quote} Good info. Pretty sure when I have the choice, I'm going with the FSCS.
Going by what I was told it will be the best way to proceed but I would still advise people to wait until ive spoke to them next monday to clarify everything.
I will post my findings as soon as I get the relevant information.
  • #4,704
  • Edited Feb 28, 2015 2:57am Feb 27, 2015 7:02pm | Edited Feb 28, 2015 2:57am
Quoting jizzyjay
{quote} I was told that the FSCS would pay the claim amount then they would chase up the funds from KPMG as and when they became available. Those were his exact words. From what I understand it makes sense because there will be a shortfall in our claims because KPMG have to get paid and that is what the FSCS is there to cover so why not go to them direct and guarantee 100% of your claim. He actually said there is no point whatsoever in continuing the claim with KPMG and I agree if what he stated is correct. Personally I dont care what happens to...
Ok this is good and makes sense too. Hopefully FSCS can confirm this with you in writing so it sticks. And I agree as long as we get 100% of our money back, it really doesn't matter which venue we get it from. I guess the client funds is just being segregated for FCSC to claim now. And if FCSC will turn around and get 100% of the segregated client funds then the creditors or whoever hired KPMG still would end up paying the fees. This is more logical.

So we should put the claim and the total amount in with the FCSC as soon as this is confirmed next week then. Is there a phone number of FCSC for clients outside of UK to call?

Thanks for the help Jizzy. Good luck!
Make your losses in demo. Earn your profits live.
  • #4,705
  • Feb 27, 2015 7:08pm Feb 27, 2015 7:08pm
the problem with FSCS is ,claims take about 6 months to finish
  • #4,706
  • Edited Feb 28, 2015 3:00am Feb 27, 2015 9:34pm | Edited Feb 28, 2015 3:00am
Quoting magicpips
the problem with FSCS is ,claims take about 6 months to finish
I know it's a bummer but still you get 100% back GUARANTEED. By the way and pace how KPMG is wroking right now, it might take just as long to get money from them and yet we still have to pay for their hefty $1.9 million (SO FAR we don't even know how much will be their final cost) fees. As of right now, KPMG has not even mentioned or discussed anything with regards to a timeline. So just assuming that KPMG is able to do it quicker maybe by two months, you still end up hundreds of dollars less because of the fees ($1.9 million fees so far / assuming 5000 clients), is it worth it just so you get it two months that's just 8 weeks sooner?

I guess now everything rests upon what FCSC can confirm and guarantee.
Make your losses in demo. Earn your profits live.
  • #4,707
  • Feb 27, 2015 10:27pm Feb 27, 2015 10:27pm
Quoting jizzyjay
{quote} Going by what I was told it will be the best way to proceed but I would still advise people to wait until ive spoke to them next monday to clarify everything. I will post my findings as soon as I get the relevant information.
thank you for all your's effort. We need to confirm whether we will have 100% of our funds back from FCSC.
  • #4,708
  • Feb 27, 2015 11:51pm Feb 27, 2015 11:51pm
You get 100% of your balance, up to £50k, back from the FSCS... unless your balance was over 50k

Then, as you seemingly cannot split the claim between FSCS and KPMG, you are stuck with claiming from KPMG, minus their fees of course!
  • #4,709
  • Feb 28, 2015 2:23am Feb 28, 2015 2:23am
Im really nervous with this, i deposited 10k and recently got the login to the portal email from kpmg. I like many people am not sure what to select for the final question.. send to FSCS or proceed with the special administrators. I sent an email to the FSCS and the special administrators independently to ask their opinion. I want to know if there is an disadvantage going direct to the fscs.. If you proceed with the special administrators, you can also hit up the fscs thereafter. However, not sure if u proceed with the fscs first if you can claim against the special administrators? Would like to know what other people selected
  • #4,710
  • Feb 28, 2015 3:02am Feb 28, 2015 3:02am
Quoting dambuster
You get 100% of your balance, up to 50k, back from the FSCS... unless your balance was over 50k Then, as you seemingly cannot split the claim between FSCS and KPMG, you are stuck with claiming from KPMG, minus their fees of course!
Yeah but who would give Alpari UK who's not even a true ECN broker 50,000 pounds that is $77,516 USD (taken today's rate)??!!
Make your losses in demo. Earn your profits live.
  • #4,711
  • Feb 28, 2015 6:45am Feb 28, 2015 6:45am
But Alpari uk in what part of catefory is on FSCS terms?

Insurance products?? investments? unsure investments???

What are the compensation limits?

  1. Deposits: protection for 100% of £85,000
  2. investments: Providing and mediating investments: protection for 100% of £50,000
  3. home finance mediation: Advising on or arranging house purchase finance: protection for 100% of £50,000
  4. insurance business: Non-compulsory insurance provision (general and life insurance): protection for 90% of the claim, with no upper limit
  5. general insurance intermediation: Non-compulsory general insurance and pure protection contracts (e.g. term, critical illness and income protection insurance): protection for 90% of the claim, with no upper limit

In what category are us?

PLEASE JUST SAY IF YOU ARE SURE.

myfxbook: neoxis
  • #4,712
  • Feb 28, 2015 6:53am Feb 28, 2015 6:53am
Quoting neoxis
But Alpari uk in what part of catefory is on FSCS terms? Insurance products?? investments? unsure investments??? What are the compensation limits? Deposits: protection for 100% of 85,000 investments: Providing and mediating investments: protection for 100% of 50,000 home finance mediation: Advising on or arranging house purchase finance: protection for 100% of 50,000 insurance business: Non-compulsory insurance provision (general and life insurance): protection for 90% of the claim, with no upper limit general insurance intermediation: Non-compulsory...
Im not sure of what category they fall in to but I was informed that the compensation limit would be £50,000.
Also thinking about it timewise I dont think it will take 6 months. I dont know that for certain but thinking about it logically if KPMG agree your balance then all the investigation work is already done so the FSCS would not have to do this.
All the info the FSCS needs would already of been approved by the FCA through KPMG as they work closely together on the administration so hopefully once your balance is agreed, it should not take too long to get reimbursed from the FSCS.
That is of course speculation based on logic alone.
  • #4,713
  • Feb 28, 2015 6:55am Feb 28, 2015 6:55am
Quoting jizzyjay
{quote} Going by what I was told it will be the best way to proceed but I would still advise people to wait until ive spoke to them next monday to clarify everything. I will post my findings as soon as I get the relevant information.
Thanks jizzyjay, you are saving others the hassle.
  • #4,714
  • Feb 28, 2015 7:06am Feb 28, 2015 7:06am
Quoting verv
{quote} Thanks jizzyjay, you are saving others the hassle.
No problem at all.
We are all in the same boat and all have the same ultimate goal which is to get our funds back a.s.a.p.
Out of all the organizations working on this case the FSCS are the closest we are ever going to get to someone acting in our best interests.
I forgot to mention also that they said they will be updating their website with info regarding this in the near future.
As soon as ive spoken to them again ill post my findings.
  • #4,715
  • Feb 28, 2015 7:24am Feb 28, 2015 7:24am
KPMG is talking about "compensation up to Ł50000" in regard of FSCS, so it can be in category of investments or home finance mediation. Financially there is no difference.

Btw. I am at the claims site, agreed my amount (they listed my last known balance, nothing is missing, I am well under Ł50000 (actually under Ł1000), did not trade at the CHF disaster).

Now, where to go from here? Should I choose assign claim to the FSCS or wait for KPMG payment?

KPMG suggests the waiting time could be longer if I choose them. What does it mean? Longer than FSCS's 6 months? Or this 6 months is just a rumour?
  • #4,716
  • Edited 8:01am Feb 28, 2015 7:39am | Edited 8:01am
Quoting DonJoee
KPMG is talking about "compensation up to Ł50000" in regard of FSCS, so it can be in category of investments or home finance mediation. Financially there is no difference. Btw. I am at the claims site, agreed my amount (they listed my last known balance, nothing is missing, I am well under Ł50000 (actually under Ł1000), did not trade at the CHF disaster). Now, where to go from here? Should I choose assign claim to the FSCS or wait for KPMG payment? KPMG suggests the waiting time could be longer if I choose them. What does it mean?...
Have a read through my other posts from #post 4,701 onwards and hopefully they will answer your questions and help you decide what to do next.
  • #4,717
  • Feb 28, 2015 7:50am Feb 28, 2015 7:50am
This is page 118 for me.
  • #4,718
  • Feb 28, 2015 8:01am Feb 28, 2015 8:01am
Quoting DonJoee
This is page 118 for me.
Post edited.
  • #4,719
  • Feb 28, 2015 8:18am Feb 28, 2015 8:18am
Quoting jizzyjay
{quote} Post edited.
Jizzyjay i hope you will give us the certainty than we will get 100% of ours funds by FSCS and not just a supposition and thanks for share your info with us.
myfxbook: neoxis
  • #4,720
  • Feb 28, 2015 8:48am Feb 28, 2015 8:48am
Quoting jizzyjay
{quote} Post edited.
Thank you, I went with FSCS.
Fortunately this is not my bread money... but by its nature, every money is urgent.
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