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  • #4,721
  • Feb 28, 2015 8:53am Feb 28, 2015 8:53am
I am confused guys, so what most of you saying we should go with FSCS even if the money on the portal is exact money what is in the account.Bceause FSCS says minimum 6 months , this is from FSCS website.
Claims against all other companies
The FSCS tries to resolve all claims against Investment firms, Insurance Brokers, and Mortgage Brokers within six months of receipt of your correctly completed Claim Application Form, or within six months of the company being declared in default (whichever is later).

Any advise helps, thanks
  • #4,722
  • Edited 10:51am Feb 28, 2015 9:27am | Edited 10:51am
I've got three questions :

1. It looks like I fall into second group (the one who did trade 15/16), I did trade only little money but obviously everything been closed and I was accepting my balance I've seen afterwards. As I don't have access to the claim portal (yet?), I'm wondering if I need to send anything, as far as I did understand from their email I need to send claim only if I want to VOTE.

2. When is the latest I can claim via FSCS

3. I've got problem, as I didn't receive my daily statements for some reasons, I checked my email, and there is nothing. I'm wondering if the screen shots from the MT4 Platform PC/Phone Platform will be good enough proof to claim money ?
  • #4,723
  • Feb 28, 2015 9:41am Feb 28, 2015 9:41am
Quoting magicpips
I am confused guys, so what most of you saying we should go with FSCS even if the money on the portal is exact money what is in the account.Bceause FSCS says minimum 6 months , this is from FSCS website. Claims against all other companies The FSCS tries to resolve all claims against Investment firms, Insurance Brokers, and Mortgage Brokers within six months of receipt of your correctly completed Claim Application Form, or within six months of the company being declared in default (whichever is later). Any advise helps, thanks
The information ive given is what I was told when I rung the FSCS yesterday.
I was also told to ring again next week for clarification of what I was told.
On that basis my advice was to not sign anything until clarification was received.

If you continue your claim with KPMG its likely that you will receive your agreed balance, less any fees that KPMG charge for their work. So its highly unlikely that if you go down that route you will receive 100% of your agreed balance.
Going by what ive currently been told by the FSCS they will pay 100% of your agreed balance. As I stated in earlier posts I have to phone the FSCS again next week to clarify this information which is why I advised people not to sign anything until this clarification was received.
If the FSCS guarantee the return of 100% of my funds then for me its a no-brainer because KPMG have guaranteed me nothing to date other than the fact that they will charge me for the reimbursement of my funds.

The FSCS state on their website that it can take up to 6 months to agree and reimburse any funds owing:

How long will it take?
The claim process usually involves the following stages:

  1. We receive a claim and investigate the firm in question, finding that they are unable, or likely to be unable, to pay such claims
  2. We declare that firm in default
  3. We may try to contact you with an application form. You are also welcome to contact us in the meantime
  4. You submit an application
  5. We review and process your claim
  6. We inform you of our decision in writing

Looking at that process we can already remove step 1 and 2 because when I phoned the FSCS they were already aware of what was going on which means the FCA, KPMG and the FSCS are all working together on this.
Also in the email pipito kindly posted that he got from KPMG regarding access to the claims portal it clearly states that if you decide to pursue your claim through the FSCS then they will contact you directly, there is no need to contact them.
So, once the claim is agreed with KPMG lets assume we are at step 3. You submit your claim step 4.
Once they receive your claim is there anything to review? Will you even have to submit a claim? KPMG will forward details of your agreed balance to the FSCS so its quite possible that once you agree your claim through the portal you are already at step 5.

What im trying to say is the 6 months is for a complex situation. It actually says within 6 months. This is not a minimum its a maximum timescale.
I dont believe that it will take 6 months because KPMG are doing all the investigating whilst working closely with the FCA so in that respect there will be absolutely nothing for the FSCS to investigate because KPMG have already done this.

Ill be able to clarify more information as and when I receive it.

  • #4,724
  • Feb 28, 2015 10:06am Feb 28, 2015 10:06am
How to choose if the balance is over £50k? If I choose FSCS in the future, and they return £50k I still lose about $10,000...
  • #4,725
  • Feb 28, 2015 10:31am Feb 28, 2015 10:31am
Quoting mmx007
How to choose if the balance is over 50k? If I choose FSCS in the future, and they return 50k I still lose about $10,000...
that sucks bro.

im sorry
  • #4,726
  • Feb 28, 2015 10:34am Feb 28, 2015 10:34am
It is a pretty !"§%&!" discussion....

As person who had open positions I can not enter the claim portal before the deadline will end.

I can only send in my claim form where I cant chose whether FSCS or KPMG.....

Or did I miss something?
  • #4,727
  • Feb 28, 2015 10:41am Feb 28, 2015 10:41am
Quoting mmx007
How to choose if the balance is over 50k? If I choose FSCS in the future, and they return 50k I still lose about $10,000...
Dont whine, take it like a man.
How to opt out annoying user signatures ??
  • #4,728
  • Feb 28, 2015 10:45am Feb 28, 2015 10:45am
Quoting Spekulant
It is a pretty !"%&!" discussion.... As person who had open positions I can not enter the claim portal before the deadline will end. I can only send in my claim form where I cant chose whether FSCS or KPMG..... Or did I miss something?
How i understand it, you did not miss anything.
Do what i do, relax and wait for the next email.

Equal what here is written, i think there are simply steps, to receive the money. Or not.

But it will need time. A lot.

All the people her who stress, whine and freak out now, im sure

they did not realized from the beginning in what a shady business they are into it..

All is as usual.. Patience.
How to opt out annoying user signatures ??
  • #4,729
  • Feb 28, 2015 12:31pm Feb 28, 2015 12:31pm
Claim portal is open for the "lucky" ones. after confirmation of yours amount this is the confirmation text with an option YES & NO

The role of 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 Alpari (UK) Limited (in special administration), 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 Alpari (UK) Limited (in special administration) arising out of your Client Agreement to the FSCS. If you would like more information about the FSCS, you should visit their website athttp://www.fscs.org.uk.
The amount of the claim for which you should seek compensation from the FSCS should be whichever is the greater of your Client Money Entitlement and your Contractual Claim Amount (if they are different).
Applying to the FSCS for compensation is a separate and parallel process to claiming against Alpari (UK) Limited (in special administration) in the special administration. 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 your claims 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 all your claims with the Joint Special Administrators.
The FSCS will assess each claim received and will confirm whether each claim meets its eligibility criteria.
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.
Do you intend to make a claim for compensation from the FSCS and assign your claims to the FSCS?
If you select "Yes" this will not automatically assign your claim to the FSCS. The FSCS will contact you in due course. You do not need to contact them.
If you select "No", this will indicate to the Joint Special Administrators that you currently do not wish to claim compensation and assign your claim to the FSCS. This will not prevent you from claiming compensation and assigning your claims to the FSCS at a later stage, should you subsequently choose to do so.
If you do not claim compensation and assign your claims 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 in 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 Alpari (UK) Limited (in special administration).
If you select "No", you will need to confirm or provide your bank account details and, if necessary, supporting documents on this Claims Portal so that the Joint Special Administrators can, in due course, make payments to you in respect of your claims.


any comment?
Forex can only be understood backwards, but it must be traded forwards.
  • #4,730
  • Feb 28, 2015 12:48pm Feb 28, 2015 12:48pm
What will be the impact of exchange rate at the time of money being returned by FSCS?
Example
I have $1000 and that is my claim, using the exchange rate are they going to convert dollar into pound and then back from the present day rate or the rate when the trades were closed?

Another question when I send my claims form to kpmg, do I claim for amount including the loss from force closed trades or the amount after the trades were closed? In supporting documents the daily confirmation email should be the one that supports my valid claim (no matter which one) even if it is on 15th or 16th January?

All answers would be deeply appreciated, thank you.
  • #4,731
  • Feb 28, 2015 1:55pm Feb 28, 2015 1:55pm
has anything happened trying to find a answer in here is like reading people fears instead of what actually is happening?..is there a claim portal ..has any1 used it?..did they take a hit? etc
  • #4,732
  • Feb 28, 2015 2:15pm Feb 28, 2015 2:15pm
Quoting Toranaga
{quote} Dont whine, take it like a man.
OK I won't whine. This is a realistic question for me and people like me who have balance over 50k.

1) Choose FSCS, up to 50K. But do they really give you that much? This is not confirmed.
2) Choose Alpari UK (in special administration). KPMG doesn't give a certain amount that they can return.

Both not sure.
So get back to the original question, what does segregated client money really mean? And more:
Question 1. Does Alpari UK take money from segregated account for the negative client account? It seems to be NO.
Question 2. Does some money missing from the segregated account? If Yes, why not tell us now?

If both answers are NO. We clients just take our money from the client money pool. This is very simple, isn't it?
  • #4,733
  • Feb 28, 2015 2:28pm Feb 28, 2015 2:28pm
Quoting prozor7
Claim portal is open for the "lucky" ones. after confirmation of yours amount this is the confirmation text with an option YES & NO The role of 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 Alpari (UK) Limited (in special administration), 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...
If you choose yes, FSCS will contact you. This does not clearly mean "FSCS will return you all the money".

OK let's see what FSCS says on their website:
http://www.fscs.org.uk/what-we-cover...ver-triggered/

Investments
FSCS provides protection if an authorised investment firm is unable to pay claims against it. For example:

  1. for loss arising from bad investment advice, poor investment management or misrepresentation;
  2. when an authorised investment firm goes out of business and cannot return investments or money.

Investments covered include: stocks and shares; unit trusts; futures and options; personal pension plans and long-term investments such as mortgage endowments.

Not include forex trading, this is a potential question.

  • #4,734
  • Feb 28, 2015 2:32pm Feb 28, 2015 2:32pm
Quoting TraderRaven7
What will be the impact of exchange rate at the time of money being returned by FSCS? Example I have $1000 and that is my claim, using the exchange rate are they going to convert dollar into pound and then back from the present day rate or the rate when the trades were closed? Another question when I send my claims form to kpmg, do I claim for amount including the loss from force closed trades or the amount after the trades were closed? In supporting documents the daily confirmation email should be the one that supports my valid claim (no matter...
That is a interesting point. We have to see if the balances KPMG is providing are in USD. Maybe the money they are holding in their accounts is in USD but they will ask you to agree the balance in the currency of your account and then convert to USD when it is pay out time.. If that is the case then people with GBP accounts will most likely get paid by the FSCS in GBP.

Someone with access to the portal and an account that is not in USD could confirm that for us? Anyone out there? Is the balance to be agreed in the currency of the account or in USD?
  • #4,735
  • Feb 28, 2015 3:01pm Feb 28, 2015 3:01pm
Quoting papamax
{quote} If that is the case then people with GBP accounts will most likely get paid by the FSCS in GBP.
its one of the straight fwd answers so far

the payout is going to be in GBP for ALL accounts (either its from KPMG or FSCS)

so if you have a EUR account

EUR->USD->GBP

according to the PA table provided

for the ones with EUR accounts EUR->USD produces a positive outcome and "the signs are" is going to do so for the forthcoming period (currently...because i cant possible predict/know what is going to happen to EURUSD PA)

regarding USD->GBP i dont know i havent done any "maths" yet nor i trade cable so i can not make any assumptions as per above (if someone can give us some feedback)
  • #4,736
  • Feb 28, 2015 4:20pm Feb 28, 2015 4:20pm
Quoting KGP
{quote} its one of the straight fwd answers so far the payout is going to be in GBP for ALL accounts (either its from KPMG or FSCS) so if you have a EUR account EUR->USD->GBP according to the PA table provided for the ones with EUR accounts EUR->USD produces a positive outcome and "the signs are" is going to do so for the forthcoming period (currently...because i cant possible predict/know what is going to happen to EURUSD PA) regarding USD->GBP i dont know i havent done any "maths" yet nor i trade cable so i can not make any assumptions as per...
Did you read somewhere the payouts from KPMG will be in GBP? As far as I know all the money is now in USD and the payouts will be in USD! If they intended to payout in GBP what would be the point in having all the money sent to USD accounts just to later payout in GBP? If that was the case they'd have sent the money to GBP accounts instead of USD ones
  • #4,737
  • Feb 28, 2015 4:39pm Feb 28, 2015 4:39pm
Quoting papamax
{quote} Did you read somewhere the payouts from KPMG will be in GBP? As far as I know all the money is now in USD and the payouts will be in USD! If they intended to payout in GBP what would be the point in having all the money sent to USD accounts just to later payout in GBP? If that was the case they'd have sent the money to GBP accounts instead of USD ones

if you read the "big/large" document of KPMG somewhere it states*:

1)
a) all money will be "concentrated" into "one" account for matters of due diligence, control and ease
b) in order to be able to accomplish above the money will be converted to one currency and based on the majority of the funds being in USD this currency prevailed
c) for this reason any conversion will take place as per PA table provided

2)
a) being a UK company and the whole process governed by the UK legal framework and as required all the payments will be conducted in GBPs
b) the same is "used" (concerning the currency in which the payouts will be made) by FSCS
c) as per above ... also the "final" conversion taking place is going to be calculated using the PA table provided



*i dont have it handy but intrigued me (as other points within the document) in order to do the "maths" which i havent done already merely because i wanted to "keep/stay" the good news rather than start thinking...more ;-)
  • #4,738
  • Feb 28, 2015 4:52pm Feb 28, 2015 4:52pm
Quoting KGP
{quote} if you read the "big/large" document of KPMG somewhere it states*: 1) a) all money will be "concentrated" into "one" account for matters of due diligence, control and ease b) in order to be able to accomplish above the money will be converted to one currency and based on the majority of the funds being in USD this currency prevailed c) for this reason any conversion will take place as per PA table provided 2) a) being a UK company and the whole process governed by the UK legal framework and as required all the payments will be conducted...
If that is the case, i don't see the point in converting all the money to USD in the first place...
  • #4,739
  • Feb 28, 2015 4:56pm Feb 28, 2015 4:56pm
Quoting papamax
{quote} If that is the case, i don't see the point in converting all the money to USD in the first place...
please check your PMs... for other issues other than that (alpari) ;-)
  • #4,740
  • Feb 28, 2015 5:04pm Feb 28, 2015 5:04pm
I am holding several accounts with Alpari. There were 2 accounts in which I had not traded on the 15th and 16th of January. The balance in my accounts matches the last daily confirmation I received from Alpari. The account was $ denominated. And i have a dollar denominated bank account too. I really don't see any reason for them to convert my USD balance into pounds. Although the currency hit won't have any significant impact on my equity as long as I am getting most of my capital back and that's all I care about. I have initiated my claim with them and have received my confirmation that my claim will be processed shortly. I'll keep you guys updated as the money hits my bank account.
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