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  • #4,961
  • Mar 4, 2015 9:05am Mar 4, 2015 9:05am
Here the update from FSCS

http://www.fscs.org.uk/news/2015/mar...k1d/index.html
  • #4,962
  • Mar 4, 2015 9:05am Mar 4, 2015 9:05am
Ok guys, here is some new information:

I just called the FSCS 2 times on their hotline choosing number 3 in the subsequent phone menu.
2 times because people usually give sligtly different informations and I wanted to have a broader source.
Then I called KPMG.

I am writing this, because if you get the sam data from another person significance increases ;-)

Both the lady and the guy confirmed the following informations:

FSCS is covering Alpari client balances up to 50.000 Pounds.

Both confirm FSCS will defenitely be quicker than choosing the KPMG option!
They first pay out of their own compensation pool, so its quicker. And afterwars THEY claim from KPMG.

They themselves dont charge any fee.

It is very likely that they also compensate the KPMG fees. They don't do it
every time, however for the last case with a similar company they ALSO compensated the fee.

The women didn't give me any advice on which option to choose, "since its a personal decision"
They guy told me its quicker and better for me to choose on FSCS.

The lady at KPMG doesn't give advice or very much infos other than those already sent out in written form and always
refers to them.

The one thing she confirmed ist that FSCS will be the quicker option.

She also confirmed this statement from an early FAQ file:
D) The costs and expenses of dealing with and distributing client assets (which
include client monies) are paid out of client assets. Other costs and expenses are paid
out of the firm’s assets.
https://www.insolvency-kpmg.co.uk/Vi...c-f5e9cb193db6
For me that means KPMGs work on client assets will affect the client money pool. Whether it will be a fee or just a reduction of the claim - I don't know.

FSCS said there will soon be a written statement about that information on the website and I just saw, that it occurred.

I hope that helps,

Cheers,


haemse
  • #4,963
  • Mar 4, 2015 9:14am Mar 4, 2015 9:14am
So what is better to do?? they are saying in easy words than we gonna have back 100% fund granted on kpmg portal by FSCS till 50k gbp???

I hope they will say even the time for have money back and anyway we will pay kpmg fee if we go through fscs??
myfxbook: neoxis
  • #4,964
  • Edited 10:12am Mar 4, 2015 9:18am | Edited 10:12am
Quoting magicpips
Clients of Alpari (UK) can agree account balances on the Joint Special Administrator's Claims Portal 4th March 2015 The Financial Services Compensation Scheme (FSCS) has investigated the nature of Alpari (UK) Limiteds business and has concluded that valid protected claims are likely to arise. As a result, we have been working with the Joint Special Administrators (JSAs) to confirm how our claims process will dovetail with theirs. The Joint Special Administrators of Alpari (UK) Limited are currently contacting the majority of clients who held only...
So if your agreed balance is less than 50K the FSCS will pay you 100% of your agreed balance then collect the money from the administrators as and when it becomes available.

Those of you with an agreed balance of more than 50k could potentially still claim through the FSCS, get 50K of your money and then get any future dividend payments that the FSCS collects after the administrators have finished their work. Im not in this position so I have not clarified anything with regard to this situation but going by the update they have posted it sounds as if that is the case.

Quoting neoxis
So what is better to do?? they are saying in easy words than we gonna have back 100% fund granted on kpmg portal by FSCS till 50k gbp??? I hope they will say even the time for have money back and anyway we will pay kpmg fee if we go through fscs??
The FSCS has posted a statement on their website now so its as good as written confirmation.

FSCS will pay valid claims on the basis of account balances agreed on the JSA claims portal.

So whatever you agree in the claims portal is what you will be paid, up to £50K of course.
  • #4,965
  • Mar 4, 2015 9:27am Mar 4, 2015 9:27am
Quoting neoxis
So what is better to do?? they are saying in easy words than we gonna have back 100% fund granted on kpmg portal by FSCS till 50k gbp??? I hope they will say even the time for have money back and anyway we will pay kpmg fee if we go through fscs??
Anyone has to judge what is better for their situation. I personally see the FSCS as a non-brainer considering the giving facts if balance is below 50k. They already said they will cover 100% (KPMG will probably deduct the fees) and that it is likely to be quicker than KPMG. On top of that I still trust a government body better than I trust KPMG, they want drag this thing for as long as they can to increase their bill.

As for an exact date to have your money sent to you, I highly doubt the FSCS will give you that information... It is government bureaucracy but bottom line is, you will get it, could be a few months but you will.
  • #4,966
  • Mar 4, 2015 9:31am Mar 4, 2015 9:31am
Quote
I hope they will say even the time for have money back and anyway we will pay kpmg fee if we go through fscs??

Yes in my point of view fees apply on either way. On the FSCS option FSCS will LIKLEY also cover the fees/claim reduction.

Note: FSCS can only be fully recommended when claim is under 50.000 pounds!
  • #4,967
  • Mar 4, 2015 9:37am Mar 4, 2015 9:37am
Quoting papamax
{quote} Anyone has to judge what is better for their situation. I personally see the FSCS as a non-brainer considering the giving facts if balance is below 50k. They already said they will cover 100% (KPMG will probably deduct the fees) and that it is likely to be quicker than KPMG. On top of that I still trust a government body better than I trust KPMG, they want drag this thing for as long as they can to increase their bill. As for an exact date to have your money sent to you, I highly doubt the FSCS will give you that information... It is government...
The FSCS have given us a guarantee.
KPMG have guaranteed nothing other than the fact that they will take their fees from any settlement you receive from them.
I asked for a copy of the legislation KPMG are working to in regard to this case and they are fully entitled to take fees from the segregated accounts for any work undertaken in relation to reimbursing clients funds.
On that basis I agree with you 100% papamax.
  • #4,968
  • Mar 4, 2015 9:48am Mar 4, 2015 9:48am
So you guys suggest strongly to go through FSCS for everyone has less than 50k gbp??? actually my balance should be around 35k € so at this spotrate should be around 26kgbp right?
myfxbook: neoxis
  • #4,969
  • Mar 4, 2015 9:50am Mar 4, 2015 9:50am
Quoting neoxis
So you guys suggest strongly to go through FSCS for everyone has less than 50k gbp??? actually my balance should be around 35k so at this spotrate should be around 26kgbp right?
I am in the same box like you
and I am at the moment more for FSCS, they look more honest to me than the KPMG...
but I stil did not get any mail from KPMG, I was trading on 15.1. ...
so till endof march to wait...
Per aspera ad astra
  • #4,970
  • Mar 4, 2015 10:00am Mar 4, 2015 10:00am
Quoting tayette
{quote} I am in the same box like you and I am at the moment more for FSCS, they look more honest to me than the KPMG... but I stil did not get any mail from KPMG, I was trading on 15.1. ... so till endof march to wait...

Same like me...i closed 2 op on 15 jan
myfxbook: neoxis
  • #4,971
  • Mar 4, 2015 10:05am Mar 4, 2015 10:05am
Quoting neoxis
{quote} Same like me...i closed 2 op on 15 jan
Alpari closed it late afternoon 16.1. for me when they closed down, with minus, I traded eurgbp...the worst of all, one day later, next day, trade would be closed with plus by takeprofit....
but, what can I do...
Per aspera ad astra
  • #4,972
  • Mar 4, 2015 10:10am Mar 4, 2015 10:10am
Quoting MissV
I also think that the shareholder committed insolvency fraud and I will file a criminal charge in Germany.
if that's the case then KPMG should have already prosecute them. Not doing so makes them complicit as well.
  • #4,973
  • Mar 4, 2015 10:58am Mar 4, 2015 10:58am
We have 1 week left, can anybody upload his votes and example for other non english speakers. Of course u can cover your name/balance/and Account number.

Many thx.
  • #4,974
  • Mar 4, 2015 10:59am Mar 4, 2015 10:59am
Quoting MissV
{quote} I also think that the shareholder committed insolvency fraud and I will file a criminal charge in Germany.
Thinking and proving are 2 very different things... If you go down that route get ready to spend a lot of money to have unknown results! Guy is in Russia, even if proved guilty he couldn't care less about a decision in Germany. Germany have no jurisdiction in Russia and he has no company in Germany so he is pretty much unreachable! I personally would save the legal fees and just accept it. Unless you believe Putin would hand him to Germany in a platter! He is more likely to hand him inside a Trojan Horse though!
  • #4,975
  • Mar 4, 2015 11:09am Mar 4, 2015 11:09am
"The claim agreement process will be carried out via the dedicated JSA online Claims Portal. If you wish to make a separate claim for compensation to FSCS, please indicate your intention on the JSA Claims Portal. FSCS will pay valid claims on the basis of account balances agreed on the JSA claims portal. Any acceptance by you of FSCS compensation will result in your entire claim to the JSAs being transferred to FSCS and FSCS will receive any future JSA dividend that would otherwise have been paid to you. However, you may be entitled to some or all of those dividends if your claim is in excess of FSCS’s compensation limit of £50,000. Once the JSAs have notified us of your intention to make a claim to FSCS for compensation, we will contact you."
http://www.fscs.org.uk/news/2015/mar...k1d/index.html

What exactly does FSCS mean with "dividend" and how they would otherwise have been paid to us? I dont get it.
  • #4,976
  • Mar 4, 2015 11:27am Mar 4, 2015 11:27am
Quoting forexTN14
We have 1 week left, can anybody upload his votes and example for other non english speakers. Of course u can cover your name/balance/and Account number. Many thx.
see page 228 post 4560 from papamax
Per aspera ad astra
  • #4,977
  • Mar 4, 2015 12:13pm Mar 4, 2015 12:13pm
Just wanted to chime in and thank you all guys for sharing. Keep this thread updated and let's hope it will end well for everybody.
  • #4,978
  • Mar 4, 2015 12:21pm Mar 4, 2015 12:21pm
Quoting Mystique
{quote} tonirai, please don't make assumptions about my (mathematical) capabilities ....lol Kindly reread my post and you will see, that i did not ask how to calculate the rate, but why KPMG did put the rates the way they did in the first place, and how others are going about the calculation of their claim - accepting the rate KPMG suggested or use another price (for instance the daily high) We might be forced to accept conversion, but we might not necessarily have to agree upon the rate. The conversion back and forth will only cause more fees and...
OK, I'm not making assumptions of any kind, but you re-read what you wrote... you're assuming there might be some "intent to fool us" (your words) just because they wrote the conversion rate in reverse of what you are used and of what we usually see plotted on charts...

Why did they put the rate this way? What you have to understand is we're talking about an insolvency firm and not a trading firm, and so if they make a conversion, they can declare the rate as they prefer, not as we understand it's standard to us.
I've seen this form of declaring a rate in many different occasions and firms (not in the trading business).

As to why it's that rate and not another, well... They declared the facts behind that choice, and from what I read I suppose it's legal to do so, but I don't know.
(I too, have an account in EUR).
  • #4,979
  • Mar 4, 2015 12:30pm Mar 4, 2015 12:30pm
Quoting haemse
Ok guys, here is some new information: I just called the FSCS 2 times on their hotline choosing number 3 in the subsequent phone menu. 2 times because people usually give sligtly different informations and I wanted to have a broader source. Then I called KPMG. I am writing this, because if you get the sam data from another person significance increases ;-) Both the lady and the guy confirmed the following informations: FSCS is covering Alpari client balances up to 50.000 Pounds. Both confirm FSCS will defenitely be quicker than choosing the KPMG...
They first pay out of their own compensation pool, so its quicker. And afterwars THEY claim from KPMG.

So that's mean they will pay us from their compensation fund and after that they will claim with kpmg for have back money?
If like this is really good...cause they pay us first...without waiting any money from kpmg...but they wil claim after what they paid to us. This is like bypassing the process.
myfxbook: neoxis
  • #4,980
  • Mar 4, 2015 12:33pm Mar 4, 2015 12:33pm
Quote
So that's mean they will pay us from their compensation fund and after that they will claim with kpmg for have back money?
If like this is really good...cause they pay us first...without waiting any money from kpmg...but they wil claim after what they paid to us. This is like bypassing the process.

Yes, thats what it is according to the FSCS hotline guys from my calls today.

BTW: How long does it take to be approved as a new member, so post don't have to get approved all the time?
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