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Alpari.co.uk Discussion

  • #4,781
  • Mar 1, 2015 2:07pm Mar 1, 2015 2:07pm
Quoting Tim_isoara
{quote} Better for all.
Apparently so.
  • #4,782
  • Mar 1, 2015 2:57pm Mar 1, 2015 2:57pm
Quoting jizzyjay
{quote} Im not posting my findings anymore. The people who are interested in what I find have PM'd me.
Pal, keep sharing. I'm sure there are several fellow traders who might be interested. Don't mind someone who needs to write his own statements in bold to validate them.
  • #4,783
  • Mar 1, 2015 3:39pm Mar 1, 2015 3:39pm
Quoting emanco
It would be great if someone would investigate and give advice which choice to make when it will be the time. KPMG seems to be aiming for profit, while FSCS should in theory protect us. I was short EURGBP when the crash happened and the position closed by them was in the green. I didn't get any invite for the portal yet, as expected since I had open positions. Let's see how they will handle the whole thing or if they will find an excuse to cut the balance.
Send PM to jizzayjay for advice.
  • #4,784
  • Mar 1, 2015 4:05pm Mar 1, 2015 4:05pm
jizzayjay, your information is useful and helps a lot of people! Keep it coming...

Tim_isoara is to be ignored most of the times.
  • #4,785
  • Mar 1, 2015 4:12pm Mar 1, 2015 4:12pm
Quoting papamax
jizzayjay, your information is useful and helps a lot of people! Keep it coming... Tim_isoara is to be ignored most of the times.
Send PM to jizzayjay for advice.
I like status of jizzayjay and papamax.
  • #4,786
  • Mar 1, 2015 4:23pm Mar 1, 2015 4:23pm
Quoting Tim_isoara
{quote} Send PM to jizzayjay for advice. I like status of jizzayjay and papamax.
Sure GOD_isoara! We will...

Let us know what is your location so we can all turn to your direction and pray for you!
  • #4,787
  • Edited 4:51pm Mar 1, 2015 4:39pm | Edited 4:51pm
Quoting papamax
{quote} Sure GOD_isoara! We will... Let us know what is your location so we can all turn to your direction and pray for you!
You trading from UK. So easy for you to make a phone call to KPMG, FSCS....
You don't understand english or you don't have a phone?
Just pray, you need it.
  • #4,788
  • Mar 1, 2015 5:35pm Mar 1, 2015 5:35pm
When we will get our money back?
Which is faster claim to KPMG or to FSCS
  • #4,789
  • Mar 1, 2015 5:54pm Mar 1, 2015 5:54pm
Quoting WayToGo
When we will get our money back? Which is faster claim to KPMG or to FSCS
Figure out who is control of the 'pool' then you have your answer.

FSCS know KPMG sat on a bundle of money so why should they pay up short term.
  • #4,790
  • Mar 1, 2015 10:08pm Mar 1, 2015 10:08pm
Wow so much fighting! Everybody chill out. We are on the same team.

Tim_isoara no need for the attitude buddy and quite frankly your legal advice stinks. How do I put this delicately... you are wrong. Claims will be paid in GBP.

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}
Since you are an expert at reading English try this..

Q. Why are there two different exchange rates used? A. The designation of the Client Money Pool is US dollars. Therefore, all Clients' account balances which were not held in US dollars are required to be converted into US dollars. This is, by law, at the spot rate prevailing at the time of the appointment of the Joint Special Administrators, which is 2.45 pm, GMT, on 19 January 2015. The designation of the general estate is pound sterling. Therefore all claims in the general estate of Alpari (UK) Limited are required to be converted into pounds sterling. This is, by law, at the official exchange rate, which 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. Q. Why are the client money entitlement and contractual claim in different currencies? A. 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 majority of both client funds and client claims were held in US dollars. Your contractual claim is a claim into the general estate. The Investment Bank Special Administration (England and Wales) Rules 2011 require that the general estate is denominated in pounds sterling.

https://www.insolvency-kpmg.co.uk/Vi...3-f8aa9879f8db


Claims to FSCS

1) What Tim_isoara is advising again is incorrect (wrong again buddy, looks like a pattern forming here). Everybody, you do have a right to make a claim to the FSCS. However it will not be valid until the claimed amount has been settled with KPMG. FSCS will pay you out then recoup that money from KPMG in due course. KPMG is a serious firm charging serious money, they would not miss-advise the creditors telling them they can claim when they can't. That would be negligence. Tim I really hope you pay your Professional Indemnity insurance when you start practicing law... you are going to need it.
Only KPMG knows the inner details, but if I was to speculate as to why they have directed us to claim via FSCS is due to the time it will take to reconcile the entire creditors account. I think the real argument is going to be behind the scenes with the Liquidity Providers for all the negative balances. Someone has to pay for that. The LP's will want their cash, KPMG will be going through each trade and questioning why such dramatic slippage occurred. This is a blurry area for segregated funds. In the end a deal will be brokered and everyone will walk away with a bit of a haircut. - Again I am only speculating I am not privy to the inner mechanics of the situation.

2) I am concerned about the earlier comments of FSCS paying out 100%. It is highly likely that FSCS is aware that the Alpari Customer Agreements have actually limited the amount claimable to them. Check what Customer Agreement you are signed up to and see if you fall into the category below (Most will).
Extract from Customer Agreement:

6.6. The Company is covered by the Financial Services Compensation Scheme (FSCS). The Customer may be entitled to compensation from the scheme if the Company cannot meet its obligations. This depends on the type of business, the Customer’s status and the circumstances of the claim. Customers may be able to claim 100% of the first £30,000 and 90% of the next £20,000 with the maximum claim being £48,000. Further information about compensation arrangements is available from the Financial Services Compensation Scheme. The Financial Services Compensation Scheme may be contacted by writing to the Financial Services Compensation Scheme, 7th Floor, Lloyds Chambers, Portsoken Street, London, E1 8BN, or by emailing them at the email address provided on the Financial Services Compensation Scheme website at www.fscs.org.uk.

http://static.alpari.co.uk/docs/alpa...direct_pro.pdf

Quoting MissV
{quote} Please post your findings again. Thanks
JizzyJay, (or anyone else in the UK) if you are still in communication with FCSC ask the question if they will be enforcing the Limit of Liability clause in the Alpari User Agreement. My guess is yes. PS dont leave your posts were very helpful to everyone.

Majority of clients will have account balances smaller than the threshold above so as a generalisation KPMG's advice is wise for most folks. However if your balance is higher than this then I would take my chances and keep your claim with KPMG. My guess is the haircut from KPMG wont be too bad, its just gonna take a long time to get any money back.

There is no right answer here. This is uncharted territory and we dont have all the facts yet. So its up to the individual. My advice, get your claimed amount all agreed then bide your time and see what information comes out in the next week or two. MOre information, more power, better decisions.

oh and stop being mean to one another. It is counter productive to getting our money back.
What's it all about? It's all about money.
  • #4,791
  • Mar 1, 2015 11:07pm Mar 1, 2015 11:07pm
In the proposals:
The Creditors' Committee represents the interests of the Clients and Creditors as a whole, rather than the interests of certain parties or individuals.
I don't know the law of UK. But just guess, if the Creditors' Committee formed, all the clients will lose the priority to the client money pool, because clients and creditors are as a whole. And FSCS will be one of the creditors and probably have the priority in the Creditors' Committee.

So this explains why KPMG says choosing FSCS is likely faster than choosing the Company. This depends on the result of the vote. And it seems that it is probable that the Creditors' Committee will be formed later.
  • #4,792
  • Mar 1, 2015 11:18pm Mar 1, 2015 11:18pm
following the above, in the given situation that the Creditors' Committee formed. What will be priority of clients who choose the claim to the Company(KPMG)?
Will these clients take money later than the main creditors such as Citi, Barclays... or other creditors?
  • #4,793
  • Mar 2, 2015 12:09am Mar 2, 2015 12:09am
I have the access to the Claims Portal, but my friend doesn't.
Both of us still have not taken any action, because the situation is not clear enough.
It seems that even some of the information in the KPMG emails are misleading if Tim_isoara is correct, because KPMG stated that choosing FSCS can get the funds back faster.
Now it seems to me that even the setup of the so-called Claims Portal is a sort of trap for the fellow ex-clients of Alpari?
  • #4,794
  • Mar 2, 2015 1:00am Mar 2, 2015 1:00am
Quoting pipito
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.
would you please tell us the total balance you have?
just to know how big the amount that they are able to pay back 100%
thnx
  • #4,795
  • Mar 2, 2015 1:58am Mar 2, 2015 1:58am
I sent my claim and vote form, but does not receive the automatic reply now. Does this matter?
  • #4,796
  • Mar 2, 2015 2:06am Mar 2, 2015 2:06am
Please, anyone know what the website to access the claim form ??
Thanks!!
  • #4,797
  • Mar 2, 2015 2:08am Mar 2, 2015 2:08am
[quote=Innate;8104780] Claims will be paid in GBP. {quote} The designation of the general estate is pound sterling. Therefore all claims in the general estate of Alpari (UK) Limited are required to be converted into pounds sterling.

Innate
You confuse. between client money entitlement and contractual claims.
Amount is in USD.


1) What Tim_isoara is advising again is incorrect (wrong again buddy, looks like a pattern forming here). Everybody, you do have a right to make a claim to the FSCS. However it will not be valid until the claimed amount has been settled with KPMG. FSCS will pay you out then recoup that money from KPMG in due course. KPMG is a serious firm charging serious money, they would not miss-advise the creditors telling them they can claim when they can't.
I said:
You/We dont have a valid claim for FSCS.

You bring the evidence, that what I said is 100% correct. Thank you.
But because you offended me, you are a joker.
Your proved that I'm right, but say that my advice is incorrect.
You don't have any logic.
  • #4,798
  • Mar 2, 2015 2:15am Mar 2, 2015 2:15am
Quoting Innate
Wow so much fighting! Everybody chill out. We are on the same team. Tim_isoara no need for the attitude buddy and quite frankly your legal advice stinks. How do I put this delicately... you are wrong. Claims will be paid in GBP. {quote} Since you are an expert at reading English try this.. Q. Why are there two different exchange rates used? A. The designation of the Client Money Pool is US dollars. Therefore, all Clients' account balances which were not held in US dollars are required to be converted into US dollars. This is, by law, at the spot...

U TELL TIMBO..yet he still will argue his point!!
  • #4,799
  • Mar 2, 2015 2:15am Mar 2, 2015 2:15am
Quoting Tim_isoara
Quoting Innate
Claims will be paid in GBP. {quote} The designation of the general estate is pound sterling. Therefore all claims in the general estate of Alpari (UK) Limited are required to be converted into pounds sterling. Innate You confuse. between client money entitlement and contractual claims. Amount is in USD. 1) What Tim_isoara is advising again is incorrect (wrong again buddy, looks like a pattern forming here). Everybody, you do have a right to make a claim to the FSCS. However it will not be valid until the claimed amount has
...

that was quick
  • #4,800
  • Mar 2, 2015 2:17am Mar 2, 2015 2:17am
Quoting Tim_isoara
Quoting Innate
Claims will be paid in GBP. {quote} The designation of the general estate is pound sterling. Therefore all claims in the general estate of Alpari (UK) Limited are required to be converted into pounds sterling. Innate You confuse. between client money entitlement and contractual claims. Amount is in USD. 1) What Tim_isoara is advising again is incorrect (wrong again buddy, looks like a pattern forming here). Everybody, you do have a right to make a claim to the FSCS. However it will not be valid until the claimed amount has
...

buddy u are not perry mason remember this
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