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  • #4,881
  • Mar 3, 2015 8:33am Mar 3, 2015 8:33am
Quoting neoxis
{quote} so why they said is likely to have back funds quicker from fscs?
  • #4,882
  • Mar 3, 2015 8:33am Mar 3, 2015 8:33am
Quoting neoxis
{quote} so why they said is likely to have back funds quicker from fscs?
This is the same question that I want to ask.

I just guess this is depending on the result of vote. I don't think KPMG will say something that they are not sure, and they seems to work well with FSCS.
  • #4,883
  • Mar 3, 2015 9:05am Mar 3, 2015 9:05am
Here is a link to what magicpips posted at an earlier date,

http://www.fscs.org.uk/industry/pers...ary/index.html

Well, straightforwardly, FSCS will generally compensate investors where it becomes clear that client money is not intact or where there is likely to be a significant delay in its return. We did this, for example, when MF Global failed in 2011, Worldspreads failed in 2012 and Fyshe Horton Finney failed in 2013.

That statement was taken from the article in the link.

I posted this to clear up any doubt regarding some of the statements that are being made with regard to whether or not the FSCS can step in at this moment of the process.

Those who PM'd me know what steps I am currently undertaking to get some clarification.
  • #4,884
  • Mar 3, 2015 9:50am Mar 3, 2015 9:50am
Quoting jizzyjay
Here is a link to what magicpips posted at an earlier date, http://www.fscs.org.uk/industry/pers...ary/index.html Well, straightforwardly, FSCS will generally compensate investors where it becomes clear that client money is not intact or where there is likely to be a significant delay in its return. We did this, for example, when MF Global failed in 2011, Worldspreads failed in 2012 and Fyshe Horton Finney failed in 2013. That statement was taken from the article in the link. I posted this to clear up any doubt regarding...
In our case don't missing any money, and no delay.
KPMG is doing his job.


" if client money is intact and the insolvency practitioner is able to return it promptly, FSCS will not step in."
  • #4,885
  • Edited 10:05am Mar 3, 2015 9:56am | Edited 10:05am
Got an email from KPMG. Went through claims process. Very easy unless you want to claim with FSCS which I didn't have to. Correct amounts, however because it was in USD (my account GBP) there was a very small difference between my cash balance and the claim amount. Only had to upload bank statement; not sure why but I think I wrote my name wrong? Should get a reply in 48 hours. Will keep you posted.

Lak

Edit: No mention of fees. I will read the T & Cs again. I don't know if this email is the batch of 500 client emails for testing. Possibly yes.
  • #4,886
  • Mar 3, 2015 10:00am Mar 3, 2015 10:00am
Till now i didn't receive any email from KPMG . All of you received or not..?
  • #4,887
  • Mar 3, 2015 10:09am Mar 3, 2015 10:09am
Just some information I received when I made my claim, could be useful to some.

DECIDING WHETHER TO APPLY TO THE FINANCIAL SERVICES COMPENSATION SCHEME
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.
When completing your claim on the Claims Portal, you indicated whether or not you intended to apply to the FSCS.
If you selected "Yes" this did not automatically assign your claim to the FSCS. The FSCS will contact you in due course. You do not need to contact them. Please note that 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). This information is contained on your "Client Claim Summary" page of the Claims Portal, attached.
If you selected "No", this indicated to the Joint Special Administrators that you currently do not wish to claim compensation and assign your claims arising out of your Client Agreement to the FSCS. This does not prevent you from claiming compensation and assigning your claims to the FSCS now or at a later stage. The FSCS will not contact you if you selected "No". Please note that 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 (up to the FSCS limit of £50,000) more quickly than by retaining your claim against Alpari (UK) Limited (in special administration).
If you indicated to the Joint Special Administrators that you wished to retain your claims against the Company arising out of your Client Agreement, you have already provided your bank account details to the Joint Special Administrators so that they can in due course make payments to you in respect of your claims. Should you need to update these details now or at a later date, please contact the Joint Special Administrators by emailing [email protected]. If you intend to apply to the FSCS, you do not need to provide your bank details to the Joint Special Administrators at this time.

Lak
  • #4,888
  • Edited 10:20am Mar 3, 2015 10:10am | Edited 10:20am
Quoting Tim_isoara
{quote} In our case don't missing any money, and no delay. KPMG is doing his job. " if client money is intact and the insolvency practitioner is able to return it promptly, FSCS will not step in."
Ill humour you one last time tim.
If you believe in what you say then this statement is a blatant lie:

Seeking compensation from the FSCS is likely to result in you receiving your money more quickly than by retaining your claim against the Company.

That line was taken from an email KPMG have sent to clients with regards to accessing the portal to agree their claims.
You say KPMG are just doing their job? You must work for them.
If you believe in what you say then why are KPMG making blatantly false statements to clients?
Conflict of interests?
Ill say no more.
  • #4,889
  • Mar 3, 2015 10:20am Mar 3, 2015 10:20am
Quoting jizzyjay
Here is a link to what magicpips posted at an earlier date, http://www.fscs.org.uk/industry/pers...ary/index.html Well, straightforwardly, FSCS will generally compensate investors where it becomes clear that client money is not intact or where there is likely to be a significant delay in its return. We did this, for example, when MF Global failed in 2011, Worldspreads failed in 2012 and Fyshe Horton Finney failed in 2013. That statement was taken from the article in the link. I posted this to clear up any doubt regarding...
Agree with you. I think KPMG said it quite clear in the email that FSCS might pay quicker and distributions from Joint Special Administrators might cause a reduction in funds. As we know FCA & FSCS are working with KPMG, and I hope we could get faster and 100% of our funds (less than 50,000) from FSCS. Distributions from KPMG is highly likely to be delayed as they have not solved problems like closed positions on 16th Jan and fees for distributions, and these could only be done after the end of March.

I might choose FSCS as the option but before that please kindly share your findings with FSCS.
  • #4,890
  • Mar 3, 2015 10:23am Mar 3, 2015 10:23am
Quoting jizzyjay
{quote} Ill humour you one last time tim. If you believe in what you say then this statement is a blatant lie: Seeking compensation from the FSCS is likely to result in you receiving your money more quickly than by retaining your claim against the Company. That line was taken from an email KPMG have sent to clients with regards to accessing the portal to agree their claims. You say KPMG are just doing their job? You must work for them. If you believe in what you say then why are KPMG making blatantly false statements to clients? Conflict of interests?...
Read all and then understand.
It's a email for all situation.
And Alpari uk is in 1 situation, not in all.
Good luck.
  • #4,891
  • Mar 3, 2015 10:27am Mar 3, 2015 10:27am
Quoting Tim_isoara
{quote} Read all and then understand.
I understand perfect.
Its just a shame that some are taken in by your ill informed comments.
You can take the stage back now, im out!
  • #4,892
  • Mar 3, 2015 11:18am Mar 3, 2015 11:18am
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.
I wait your clarification after you ring to FSCS.
  • #4,893
  • Mar 3, 2015 11:27am Mar 3, 2015 11:27am
Guys...just for be honest...you think we gonna take at least 90% of our funds back? Tell me what you think sincerly thanks.
myfxbook: neoxis
  • #4,894
  • Mar 3, 2015 11:38am Mar 3, 2015 11:38am
Quoting neoxis
Guys...just for be honest...you think we gonna take at least 90% of our funds back? Tell me what you think sincerly thanks.
100% of funds if we not pay the fee.
But we must vote for that.
  • #4,895
  • Mar 3, 2015 11:38am Mar 3, 2015 11:38am
Quoting neoxis
Guys...just for be honest...you think we gonna take at least 90% of our funds back? Tell me what you think sincerly thanks.
I do think so and also hope so.
Per aspera ad astra
  • #4,896
  • Mar 3, 2015 11:39am Mar 3, 2015 11:39am
Quoting Tim_isoara
{quote} 100% of funds if we not pay the fee.
and I also agree with tim
Per aspera ad astra
  • #4,897
  • Mar 3, 2015 11:50am Mar 3, 2015 11:50am
Quoting tayette
{quote} and I also agree with tim
Hvala lepo.
  • #4,898
  • Mar 3, 2015 11:54am Mar 3, 2015 11:54am
Quoting Tim_isoara
{quote} Hvala lepo.
You are welcome...since you are learning slovene, I must correct you, it is "hvala lepa"
Per aspera ad astra
  • #4,899
  • Mar 3, 2015 12:00pm Mar 3, 2015 12:00pm
Quoting tayette
{quote} You are welcome...since you are learning slovene, I must correct you, it is "hvala lepa"
OK. From Lepa Brena.
  • #4,900
  • Mar 3, 2015 12:03pm Mar 3, 2015 12:03pm
Quoting Tim_isoara
{quote} OK. From Lepa Brena.
wau...I am impressed...
Per aspera ad astra
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