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  • #4,741
  • Feb 28, 2015 5:17pm Feb 28, 2015 5:17pm
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...
to be honest i am as well... i read it again and i am now puzzled if thats the case....what actually with happen currencywise when the payouts are going to be paid by KPMG to the clients (us) if we chose KPMG

but regarding FSCS thats the case (because their threshold is in GBPs and not another currency)

from what i understood from the document... "behind the lines "

they probably have co-operated to a great extend with the FSCS in order to make the process more efficient and smooth.... hence the "portal" created where we are going to agree our claims.

i would have expected a process where KPMG agrees that there is a 50k claim.... made us an offer of lets say (example) 25K out of a 50K account and we then went to FSCS to claim the rest...

where as now we agree what the claim is if its up to the threshold you finalise everything gets directly to the FSCS (if you chose so) get your money and the FSCS finalises the rest with KPMG


so it saves time effort and a lot more of the process between KPMG and FSCS as well as for us

lets wait to see...the "non traders" of the specified date are straight forward they will give us an idea i believe of what is going to happen to the rest who traded the specified dates
  • #4,742
  • Feb 28, 2015 7:21pm Feb 28, 2015 7:21pm
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...
Category: Investment.
Make your losses in demo. Earn your profits live.
  • #4,743
  • Edited 10:11pm Feb 28, 2015 9:51pm | Edited 10:11pm
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...
KGP You're a dreamer.Read don't dream.
I read your posts, you have a very poor understanding of how work of KPMG and FSCS.
Just read the joint special administrators proporsal page 11-12.
All clients money was converted in USD. KPMG will paid in USD.
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  • #4,744
  • Edited 3:11am Mar 1, 2015 2:31am | Edited 3:11am
Quoting mmx007
{quote} 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: for loss arising from bad investment advice, poor investment management or misrepresentation; when an authorised investment firm goes out of business and cannot return investments...
Instead of quoting website info why not ring them and ask?
I did just that and was told any agreed balance under £50K would be returned in full.
I will ring next week for clarification.

Regarding your specific situation lets do the maths.
You say if you get £50K back your short $10K.
If the FSCS guarantee you 50K thats guaranteed.

£50K = $77197.50 + $10K = $87197.50

Lets say KPMG take 10% for fees,

$87197.50 / 100 * 90 = $78477.75 = £50,829.20

Can you see where this is going?
KPMG have provided nothing definite regarding distribution of funds. Their fees could well be more because of all the people who are going to dispute their balances. The fees for work undertaken to resolve these disputes will come out of the clients segregated accounts.
That is why they cant give a definite figure cause they dont know how many people are going to dispute their claims.
All that being said regarding your situation its pointless asking what anyone else thinks.
It depends on whether you want to take the gamble of KPMG returning no less than 90% of your funds or not.
If they charge more than 10% in fees then the gamble wont of paid off.
  • #4,745
  • Mar 1, 2015 3:44am Mar 1, 2015 3:44am
Quoting jizzyjay
{quote} 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%...
Thanks KJizzyjay, im going to wait to hear from you. Cause im in same boat dont know if i should submit to FSCS or continue claim. I sent FSCS an email but am waiting for a response before proceeding.
  • #4,746
  • Mar 1, 2015 4:46am Mar 1, 2015 4:46am
Anybody found your name on the proposals document in the creditors list from Page 44? Do not use the FIND function in the PDF Viewer, that will not give any result. Just look row by row.
  • #4,747
  • Mar 1, 2015 5:52am Mar 1, 2015 5:52am
Quoting mmx007
Anybody found your name on the proposals document in the creditors list from Page 44? Do not use the FIND function in the PDF Viewer, that will not give any result. Just look row by row.
We are not creditors, we are clients and therefore not on the creditor list.
  • #4,748
  • Mar 1, 2015 6:27am Mar 1, 2015 6:27am
Quoting MissV
{quote} We are not creditors, we are clients and therefore not on the creditor list.
thanks I have got it.
  • #4,749
  • Mar 1, 2015 6:47am Mar 1, 2015 6:47am
Quoting jizzyjay
{quote} Instead of quoting website info why not ring them and ask? I did just that and was told any agreed balance under 50K would be returned in full. I will ring next week for clarification. Regarding your specific situation lets do the maths. You say if you get 50K back your short $10K. If the FSCS guarantee you 50K thats guaranteed. 50K = $77197.50 + $10K = $87197.50 Lets say KPMG take 10% for fees, $87197.50 / 100 * 90 = $78477.75 = 50,829.20 Can you see where this is going? KPMG have provided nothing definite regarding distribution of funds....
Yes, you are right. Thanks.
If FSCS could return 50K with current exchange rate, it is not too bad.

But how could KPMG take so much? 10% of my account? I can't imagine this.
  • #4,750
  • Mar 1, 2015 6:52am Mar 1, 2015 6:52am
Anyone know what the website to access the claim form ??
I have not received the email
Thanks!!
  • #4,751
  • Mar 1, 2015 7:07am Mar 1, 2015 7:07am
Quoting mmx007
{quote} Yes, you are right. Thanks. If FSCS could return 50K with current exchange rate, it is not too bad. But why KPMG could take so much? 10% of my account? I can't imagine this.
That is the point. Its an unknown factor.
All I do know is that their fees are astronomical.
I can see it taking a very long time for them to agree all claims because there will for sure be many who will dispute their balances.
The more time they spend on agreeing claims, the higher the bill.
There are also the people who lost out during the SNB saga. They might pursue a claim through the courts. If they do win their case and winning the case gave their account a positive balance then they would be entitled to a share of the segregated accounts which would automatically mean there will be a shortfall.
This is why KPMG cant specify distribution amounts at present. There are so many variables that have to be resolved before they can do so.
  • #4,752
  • Mar 1, 2015 7:47am Mar 1, 2015 7:47am
Quoting Tim_isoara
{quote} KGP You're a dreamer.Read don't dream. I read your posts, you have a very poor understanding of how work of KPMG and FSCS. Just read the joint special administrators proporsal page 11-12. All clients money was converted in USD. KPMG will paid in USD. {image}
you can say whatever you want...and yes i am dreamer ...i want my account to be "bought" by another broker so i can finish with this issue early....otherwise i would be wanting to be paid in USD as per PA table arranged (as i will incur no actual loses to my capital then)...


the images you provide mention the word "held"

hold= paid?

if you would want to challenge my poor understanding you would have produced another screenshot a few pages later.... the issue is that after reading them again they add to the confusion regarding the currency paid.

dont assume things easily as i said on the next post after the one you quoted i am little bit puzzled on what KPMG actually will do but FSCS will certainly pay in GBPs (because that happened in other cases in the past)

we have a company in administration (well now in liquidation as the papers show), a company which has its clients money intact (as per information provided)

its very easy for someone to challenge each others poor understanding and i could say the same for you as well (especially based on the image you provided and other past posts)...

is it easy to clarify this thing....from my -poor- understanding we still have a long way to go...
  • #4,753
  • Mar 1, 2015 8:00am Mar 1, 2015 8:00am
Quoting jizzyjay
{quote} That is the point. Its an unknown factor. All I do know is that their fees are astronomical. I can see it taking a very long time for them to agree all claims because there will for sure be many who will dispute their balances. The more time they spend on agreeing claims, the higher the bill. There are also the people who lost out during the SNB saga. They might pursue a claim through the courts. If they do win their case and winning the case gave their account a positive balance then they would be entitled to a share of the segregated accounts...
Although KPMG seems to do a lot of work, I still don't think it is fair to charge only from clients' account. In my opinion people who has no fault should not pay the cost since the money is segregated,
  • #4,754
  • Mar 1, 2015 8:06am Mar 1, 2015 8:06am
Quoting mmx007
{quote} Although KPMG seems to do a lot of work, I still don't think it is fair to charge only from clients' account. In my opinion people who has no fault should not pay the cost since the money is segregated,
I agree.
All fees wont be charged to the clients but the ones that are relevant to the clients will.
Its clients who will dispute their claims and if lawyers have to get involved then the clients bill will skyrocket.
  • #4,755
  • Mar 1, 2015 8:19am Mar 1, 2015 8:19am
Quoting KGP
{quote} you can say whatever you want...and yes i am dreamer ...i want my account to be "bought" by another broker so i can finish with this issue early....otherwise i would be wanting to be paid in USD as per PA table arranged (as i will incur no actual loses to my capital then)... the images you provide mention the word "held" hold= paid? if you would want to challenge my poor understanding you would have produced another screenshot a few pages later.... the issue is that after reading them again they add to the confusion regarding the currency...
KPMG will pay clients in USD.
  • #4,756
  • Mar 1, 2015 8:20am Mar 1, 2015 8:20am
Quoting jizzyjay
{quote} I agree. All fees wont be charged to the clients but the ones that are relevant to the clients will. Its clients who will dispute their claims and if lawyers have to get involved then the clients bill will skyrocket.
I guess you are not a client but a creditor.

BTW, I am not going to dispute the claim, I am just thinking how to choose between FSCS and Client Money Pool in the future.
  • #4,757
  • Mar 1, 2015 8:30am Mar 1, 2015 8:30am
Q. I have agreed my claim amount and said I do not intend to assign it to the FSCS but have changed my mind. Can I still assign my claim to the FSCS? A. Yes, if you have agreed your claim with the Joint Special Administrators and are eligible to assign your claim to the FSCS you may still assign your claim.
  • #4,758
  • Mar 1, 2015 8:34am Mar 1, 2015 8:34am
Quoting Tim_isoara
{quote} KPMG will pay clients in USD.
this is something that is not clear yet unless you can show me where it is clearly stated
  • #4,759
  • Mar 1, 2015 8:46am Mar 1, 2015 8:46am
Quoting mmx007
{quote} I guess you are not a client but a creditor. BTW, I am not going to dispute the claim, I am just thinking how to choose in the future.
What makes you say that?
I am a client but i see things for what they are not what I want them to be.
Everyone is free to do as they wish.
Im just trying to add some logical thinking to this thread.
If at any time I think something is not going as it should be I will question it. I actually have done.
The only reason I have not shared any of my questions and findings on this thread is because last time I did so I was told not to contribute anything negative, even if it was fact.
People only want to hear what they want to hear, they are not interested in the truth.
Ive said it before and ill say it again, everyone is free to do as they see fit.
Ill slip into the background again now.
Anyone who wants to know what the FSCS will guarantee can find out for themselves. A simple phonecall is all it takes.
  • #4,760
  • Mar 1, 2015 8:54am Mar 1, 2015 8:54am
Quoting KGP
{quote} this is something that is not clear yet unless you can show me where it is clearly stated
We have a proporsal from KPMG, in english, and is very clear.
You have too much time, I don't have.
But I give you a free advice, focus on KPMG, don't think the FSCS.
Later you will have the answer.
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