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  • #5,741
  • Apr 2, 2015 7:04am Apr 2, 2015 7:04am
Just called FSCS and can share the following info:

 

  1. They cannot say if they received any claims passed to them by KPMG
  2. They anticipate paying all legitimate claims up to 50k 'in the next few months' and 'all in one go'
  3. They cannot yet say how they will pay, cheque or wire
  4. They cannot yet say what currency they will pay out in, USD or GBP
  5. They advise watching the website as there 'may' be an update 'shortly'...


Like I said, receiving anything before Christmas will be a bonus

  • #5,742
  • Apr 2, 2015 7:21am Apr 2, 2015 7:21am
I and other four friends, all from UK, opened accounts with Alpari UK together last year. Now four of us with positive balance and no trades during SNB are described as the "complex" clients having not received the email of claim portal. However, one friend with zero balance is "simple" clients receiving the email of claim portal on 3rd March. It sounds a bit strange, doesn't it?

How can five clients with accounts opening together be separated into "complex" and "simple"? I doubt it's KPMG who wants to drag the process to increase fee and push our clients with positive balance to ETX.
  • #5,743
  • Apr 2, 2015 7:51am Apr 2, 2015 7:51am
How do we lodge a compliant.

From my perspective I think we have all have been fairly patient.

We were promised that all clients would have access to the portal by the end of March, we are now being told that is going to be put back a couple of months further, potentially delaying payments to everyone.

I think it is taking unacceptably long.
  • #5,744
  • Apr 2, 2015 7:56am Apr 2, 2015 7:56am
They will string this out for as long as possible to maximise their fees but will always remain within the law so not much we can do but wait

FUBAR
  • #5,745
  • Apr 2, 2015 8:15am Apr 2, 2015 8:15am
Quoting verv
How do we lodge a compliant. From my perspective I think we have all have been fairly patient. We were promised that all clients would have access to the portal by the end of March, we are now being told that is going to be put back a couple of months further, potentially delaying payments to everyone. I think it is taking unacceptably long.
You would have to register a complaint against KPMG then another set of regulators get involved more time more fees more confusion. Be patient there is no choice.
  • #5,746
  • Apr 2, 2015 8:22am Apr 2, 2015 8:22am
Agree, just keep telling yourself there is a reasonable chance that you will have up to 50k back by Christmas and anything sooner is an early Christmas present

Its tough to swallow but that is the reality of the matter
  • #5,747
  • Apr 2, 2015 9:12am Apr 2, 2015 9:12am
Quoting papamax
This update is a joke, honestly! I am usually patient but come on... how long does it take to figure out balances and closing prices of 7000 people? If it is 1 single slow person working it shouldn't take more than a month! This is becoming ridiculous...
You know how it works in a modern corporations.
Have a meeting about how we start, have a meeting about "how we start meeting", do a minutes of meeting, have a presentation for managers, wait for approval, have few more meeting to do the changes to initial ppt, in the meantime have few meeting about the changes, make a workshop, make a ppt 1.1 version, get an approval from mangers, do a kick of meeting for presentation for senior management, organize a workshop, have a meeting prior to workshop do discuss about it..... wait a sec, what exactly are we here for?? Who gives a f..., as long as we are getting paid 500 quid a day!

And that it the reason why it takes so long to pay back the money that supposed to be kept safe...
  • #5,748
  • Apr 2, 2015 10:03am Apr 2, 2015 10:03am
Quoting mojo123
{quote} You know how it works in a modern corporations. Have a meeting about how we start, have a meeting about "how we start meeting", do a minutes of meeting, have a presentation for managers, wait for approval, have few more meeting to do the changes to initial ppt, in the meantime have few meeting about the changes, make a workshop, make a ppt 1.1 version, get an approval from mangers, do a kick of meeting for presentation for senior management, organize a workshop, have a meeting prior to workshop do discuss about it..... wait a sec, what exactly...
That is how they roll......

Laughing all the way to the bank......

And the regulator namely FSCS has NO regulatory power anymore because the court has taken it away and gave it all to KPMG.

The FSCS must be feeling like a whore in this story....... only to be used when it is time to make payments and only when the administrator say so.

In my next life I would like to become an administrator. You only have to get one big case like Alpari and your fees will make you a millionaire.
Never Ever Give Up!
  • #5,749
  • Apr 2, 2015 10:35am Apr 2, 2015 10:35am
i just wait the announcement from fscs...but at this point can take really long time....just for these fu**n bullshits.
myfxbook: neoxis
  • #5,750
  • Apr 2, 2015 10:44am Apr 2, 2015 10:44am
Quoting Cobra
{quote} That is how they roll...... Laughing all the way to the bank...... And the regulator namely FSCS has NO regulatory power anymore because the court has taken it away and gave it all to KPMG. The FSCS must be feeling like a whore in this story....... only to be used when it is time to make payments and only when the administrator say so. In my next life I would like to become an administrator. You only have to get one big case like Alpari and your fees will make you a millionaire.
hehehe, but then you have to study economics. Without a degree no job as an administrator. At the same time, these types auditors and examine the reports with of companies, I think. Have fun while learning the dry laws, hahaha.
  • #5,751
  • Apr 2, 2015 10:50am Apr 2, 2015 10:50am
Quoting dambuster
Just called FSCS and can share the following info: They cannot say if they received any claims passed to them by KPMG They anticipate paying all legitimate claims up to 50k 'in the next few months' and 'all in one go' They cannot yet say how they will pay, cheque or wire They cannot yet say what currency they will pay out in, USD or GBP They advise watching the website as there 'may' be an update 'shortly'... Like I said, receiving anything before Christmas will be a bonus
Thanks for the heads-up !

what a slow process..
  • #5,752
  • Apr 2, 2015 10:51am Apr 2, 2015 10:51am
Now I just received this email from ETX.... http://screencast.com/t/SxPU0hQr5

I still don't have access to the claim portal and I had CHF positions open on the day of crash so how can they be offering me this? At this point we don't know the closing price of CHF positions so we can't know if I even have anything to claim.... Maybe KPMG will close the positions at $0.80 and then everyone will go into negative balance... who knows!

I wish this email meant they stand by the closing price and I have money to claim... to me it seems more like they have no idea what they are doing!
  • #5,753
  • Apr 2, 2015 11:03am Apr 2, 2015 11:03am
Quoting papamax
Now I just received this email from ETX.... http://screencast.com/t/SxPU0hQr5 I still don't have access to the claim portal and I had CHF positions open on the day of crash so how can they be offering me this? At this point we don't know the closing price of CHF positions so we can't know if I even have anything to claim.... Maybe KPMG will close the positions at $0.80 and then everyone will go into negative balance... who knows! I wish this email meant they stand by the closing price and I have money to claim... to me it seems more like...
they no talk about fscs or credit line in your email.

They said in my email they will give me a credit line too before the transfer.

This means all claims are differents.

And they said we will transfer your funds from FSCS not from JSA. So fscs already have claims in their hands "for who claimed with them".
myfxbook: neoxis
  • #5,754
  • Apr 2, 2015 11:24am Apr 2, 2015 11:24am
I think they said if I sent claim to FSCS it will take weeks not months!!!
I dunno why this chaos
  • #5,755
  • Apr 2, 2015 11:28am Apr 2, 2015 11:28am
Quoting WayToGo
I think they said if I sent claim to FSCS it will take weeks not months!!! I dunno why this chaos
What you mean? and what are you talking about?
myfxbook: neoxis
  • #5,756
  • Apr 2, 2015 11:54am Apr 2, 2015 11:54am
Hi there,

My name is Daniel and I’m an employee of ETX Capital. I just want to address a couple of the points that people have been talking about on here;

- Accounts have been created at ETX for all clients of Alpari (UK), but there’s no pressure on you to use them. You have a choice, you can either opt in to receive your funds into your ETX account when they’re released by the Special Administrators, or you can continue to correspond directly with the Special Administrators by yourself.
- I think a lot of the discussion on here is centred around the following – ‘What are the advantages with going with ETX instead of staying with the current process?’ Traders should note that people who decide to go with ETX will not receive their funds either faster or slower than if they go via the special administrators, but ETX can offer the following;

1) We’re in direct contact with the Alpari (UK) Special Administrators and during the coming weeks we are expecting them to update their portal. Every client who signs up with us will receive a dedicated personal manager to keep you updated regarding how everything is going.
2) As the support portal is only provided in English we can also provide language support and guidance for any clients who do not speak English.
3) In the event that the Alpari (UK) Special Administrators process all funds in USD, we are able to convert any re-directed funds into the base currency of your account with ETX Capital, removing the inconvenience and cost of having to make the conversion yourself.
4) There has been some discussion on here about possible credit – people in some countries received e-mails including a mention of it whilst others did not. We hold up our hands on that one – it was our mistake and we apologise for it. The details about possible credit should have been on all the e-mails, regardless of language or country. We’re waiting for the special administrators to give us details on the balances of accounts and the time frame in which former Alpari (UK) clients can expect to receive their money – once we know that, we will be looking into offering a credit facility for those who choose to go with us. Once we have enough information from the Alpari (UK) Special Administrators we will inform clients of any facilities for credit or promotions which are available to them based on specific criteria. (Basically, there’s no ‘one size fits all’ here – the amount of credit available to each client is likely to be different.
5) In the meantime, if you decide to receive your funds via ETX and want to start trading with us, you can start using your account right away. New deposits will be eligible for bonus offers, and as ETX clients you will have access the full range of free seminars and webinars available to all ETX traders.
I hope that this clears up a few points for people.
  • #5,757
  • Apr 2, 2015 12:37pm Apr 2, 2015 12:37pm
What da f.. is going on? I just got an email from etx, saying they opened for me an account, but did not ask for it, and i wanna stay with FSCS? Do you have any idea what is going on? What if they will transfer my money to etx without my permission? This theoretically could happen, especially if they open real accounts without our permissions. Ideas?
  • #5,758
  • Edited 1:13pm Apr 2, 2015 12:59pm | Edited 1:13pm
Quoting Alesin
What da f.. is going on? I just got an email from etx, saying they opened for me an account, but did not ask for it, and i wanna stay with FSCS? Do you have any idea what is going on? What if they will transfer my money to etx without my permission? This theoretically could happen, especially if they open real accounts without our permissions. Ideas?
i received the email too with an open account under my name without my permission.

If ETX not has any right to speed up the process for have funds back from kpmg/fscs why i should go with you? I you are not able to send my money back faster than fscs i will not have any intention to transfer my funds to you and i never gave you the permission to open an account under my name i guess.
Said that let's see how it will go on this truman show.
myfxbook: neoxis
  • #5,759
  • Apr 2, 2015 1:08pm Apr 2, 2015 1:08pm
If you do not wish to go with ETX you can email them and ask for the account to be closed and all information relating to you to be deleted

You can also simply follow the link at the bottom of their email and unsubscribe from their mailing list:

This email was sent to [email protected] If you do not want to receive further emails from ETX Capital, please manage your subscription.
  • #5,760
  • Apr 2, 2015 1:14pm Apr 2, 2015 1:14pm
Quoting dambuster
If you do not wish to go with ETX you can email them and ask for the account to be closed and all information relating to you to be deleted You can also simply follow the link at the bottom of their email and unsubscribe from their mailing list: This email was sent to [email protected] If you do not want to receive further emails from ETX Capital, please manage your subscription.
If i don't do this they have rights for transfer my funds without my permission???? i really hope not!
myfxbook: neoxis
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