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  • #6,441
  • May 4, 2015 8:56am May 4, 2015 8:56am
Quoting neoxis
{quote} So you wanna mean they are not obliged to pay in full in the first payment all 50k?? and they can pay in more steps?
it is paid by KPMG in several steps. The first payment is 51%. Only when the last installment of KPMG was paid, FSCS can do the rest. This is only for people with more than 50000GBP. At the moment it looks as if you about 120000GBP (maybe a little bit more) could have on the account and you have in the end everything will be obtained. Only those who had more money on the account, will make losses. However, the time to pay the final payment by KPMG's bugging you.
  • #6,442
  • May 4, 2015 9:00am May 4, 2015 9:00am
Quoting muckele1
{quote} it is paid by KPMG in several steps. The first payment is 51%. Only when the last installment of KPMG was paid, FSCS can do the rest. This is only for people with more than 50000GBP. At the moment it looks as if you about 120000GBP (maybe a little bit more) could have on the account and you have in the end everything will be obtained. Only those who had more money on the account, will make losses. However, the time to pay the final payment by KPMG's bugging you.

Ok so who has less than 50k gbp should have refund in full By FSCS in may..all in one step right?
myfxbook: neoxis
  • #6,443
  • May 4, 2015 9:09am May 4, 2015 9:09am
Quoting neoxis
{quote} Ok so who has less than 50k gbp should have refund in full By FSCS in may..all in one step right?
That's the way I read it from the FSCS FAQ's
  • #6,444
  • May 4, 2015 9:14am May 4, 2015 9:14am
kpmg

Attached Image


fscs

Attached Image
Ora et labora
  • #6,445
  • May 4, 2015 9:15am May 4, 2015 9:15am
Quoting MikeXplosion
kpmg {image} fscs {image}
Payment of compensation.

That's mean in full in one step up to 50k?
myfxbook: neoxis
  • #6,446
  • May 4, 2015 9:15am May 4, 2015 9:15am
Quoting dambuster
{quote} That's the way I read it from the FSCS FAQ's
Yes , less than GBP 50 000 total claim will receive ALL in one payment from FSCS if you assigned your claim to them.

Everything above GBP50 000 will take longer and will be done in several steps.

The bigger amount above GBP 50k the bigger you stand to lose.
Never Ever Give Up!
  • #6,447
  • May 4, 2015 9:16am May 4, 2015 9:16am
[quote = neoxis; 8243018] {quote} pago de la indemnizacin. Eso es media en su totalidad en un solo paso hasta 50k? [/ Quote]

KPMG only 51%

FSCS 100% (50.000GBP)
Ora et labora
  • #6,448
  • May 4, 2015 9:18am May 4, 2015 9:18am
Quoting MikeXplosion
[quote = neoxis; 8243018] {quote} pago de la indemnizacin. Eso es media en su totalidad en un solo paso hasta 50k? [/ Quote] KPMG only 51% FSCS 100% (50.000GBP)

ah ok good. thx
myfxbook: neoxis
  • #6,449
  • May 4, 2015 9:24am May 4, 2015 9:24am
- Those who chose FSCS charge throughout May, as the FSCS said and maintained. (Only one pay 100% (50k GBP))

- Those who chose receivables pool KPMG charged from May 31 to 51% .... and the rest in the next two months.

- Those who had accounts with less than $ 200, these will be the last in charge.

- KPMG is aware that there are still people unable to access the Portal Claims. It blamed on technical problems and not because they have not been able to calculate balances. They are trying to resolve it as soon as possible.

Sources:

https://www.insolvency-kpmg.co.uk/ca...F119D1101.html

http://www.fscs.org.uk/what-we-cover...ri-uk-limited/
Ora et labora
  • #6,450
  • May 4, 2015 9:31am May 4, 2015 9:31am
Quoting muckele1
{quote}.....The first payment is 51%. Only when the last installment of KPMG was paid, FSCS can do the rest. This is only for people with more than 50000GBP..........
Makes no difference which route is chosen first for anyone with more than 50000 GBP claim. Go with FSCS and it will pay first 50000 GBP (USD equivalent) thereafter it will payout any dividends from KPMG (up until the claim amount agreed in the portal is reached). The FSCS policy is to payout so that a claimant is no worse than the payout from KPMG.

Go the KPMG route and it will pay dividends, then when last dividend is payed, and if there is still a loss, the claim can be transferred to FSCS and the loss up to 50000 GBP will be reimbursed.
  • #6,451
  • May 4, 2015 9:33am May 4, 2015 9:33am
FSCS will pay a maximum of GBP 50K . This will be paid in full and in one payment from FSCS in May if you assigned the claim to them.

Example 1:

Your total claim $100 000
KPMG will pay you $51 000 ( 51C in the dollar)
You can then claim the rest of your money $49 000 from FSCS which still falls within the maximum threshold. So you will get all your money back

Example 2:

Your total claim $ 150 000
KPMG will pay you $76 500 ( 51c in the dollar)
You can then claim the rest of your money ( $73 500) from FSCS which still falls within the maximum threshold. So you will get all your money back.

Example 3:

Your total claim is $ 200 000
KPMG will pay you $102 000 ( 51c in the dollar)
You can claim then a further GBP 50 000 or $76 000 from FSCS which is the maximum your funds are insured for.
You will therefore lose $ 24 000 less the dividends which will be paid much later from KPMG.
No one knows what the dividends will be and it could be very small. Claims in this bracket and bigger becomes more complicated and the bigger your claim is the more money you will lose.

Example 4:

Your claim is GBP 50k or less
FSCS pays back all your money in one single payment. You have no business with KPMG.

This is how I understand it.

G
Never Ever Give Up!
  • #6,452
  • May 4, 2015 9:46am May 4, 2015 9:46am
Quoting Cobra
FSCS will pay a maximum of GBP 50K .....This is how I understand it. G
From the FSCS FAQ http://www.fscs.org.uk/what-we-cover...ed/#question15

What happens if my losses are over the £50,000 compensation limit and I accept compensation from FSCS?
If you choose to accept FSCS compensation, you will be required to assign all of your legal rights to claim in the special administration of Alpari to FSCS via the Alpari claims portal. FSCS will then claim in the administration and will claim for the whole of your loss, including the amount over £50,000. When FSCS receives the dividends in your place it will then pay back to you any amounts that you would otherwise have received if you had accepted the dividends before claiming on FSCS. Our rules require that you do not suffer a disadvantage whether you claim from us first or whether from the special administrators first.
The following examples illustrate this, based on a hypothetical dividend of 50p/£1, and with all amounts in GBP.
Example 1:

  1. Loss = £80,000
  2. FSCS compensation = £50,000
  3. Dividend of 50p/£ received from the joint special administrators by FSCS = £40,000
  4. FSCS pays £30,000 to claimant so he is fully compensated (total £80,000), and retains £10,000 recovery for itself

Example 2

  1. Loss = £100,000
  2. FSCS compensation = £50,000
  3. Dividend of 50p/£ received from the joint special administrator by FSCS = £50,000
  4. FSCS pays £50,000 to claimant so he is fully compensated (total £100,000), and retains nothing for itself

  • #6,453
  • May 4, 2015 9:46am May 4, 2015 9:46am
Quoting muckele1
{quote} yes, because it was possibly the largest ever insolvent broker? Other relatively large broker also went bankrupt. but with fewer customers. For example, 4XP.
Indeed. Collateral damages from the Swiss Franc shock.
  • #6,454
  • May 4, 2015 9:46am May 4, 2015 9:46am
in my case wil end in may...or should it be.
myfxbook: neoxis
  • #6,455
  • May 4, 2015 10:02am May 4, 2015 10:02am
Quoting m1nich
{quote} From the FSCS FAQ http://www.fscs.org.uk/what-we-cover...ed/#question15 What happens if my losses are over the 50,000 compensation limit and I accept compensation from FSCS? If you choose to accept FSCS compensation, you will be required to assign all of your legal rights to claim in the special administration of Alpari to FSCS via the Alpari claims portal. FSCS will then claim in the administration and will claim for the whole of your loss, including the amount over 50,000. When FSCS...

I am not sure why you refer to a dividend of 50p per GBP1.
The dividend is an amount which consists of interest on monies kept in KPMG's accounts as well as monies which KPMG have recovered from people and organizations who owned it to the insolvent estate of Alpari after the 51cents in the dollar have been paid to those who had a valid claim from the client pool.
The dividend will be declared after the 51c in the dollar have been paid and after all creditors have been paid. The balance of the monies after KPMG's fees are deducted is called the dividend and at that time it will be distributed to only those who have lost money and Not to those who were fully compensated.

Like I said this could be really a small amount which is a last distribution.

KPMG already said that they will make an initial payment of 51c in the dollar and the second payment is basically "left overs" which is called a dividend.

The 51c in the dollar is the main payment and
the dividend is the left overs divided amongst those who could not recover 100% of their claim.
Never Ever Give Up!
  • #6,456
  • May 4, 2015 10:17am May 4, 2015 10:17am
Quoting m1nich
{quote} Going with KPMG or FSCS shouldn't make any difference (except timing of payments will be slower with KPMG). If you've less than 50,000 GBP you'll get that all back from FSCS minus transfer fees. If you take the payment from KPMG instead, you'll get an interim payment of about half what you are owed (minus transfer fees). Then you can transfer your claim to FSCS and claim back the difference between what KPMG paid you and the amount of your claim agreed in the portal. The KPMG followed by FSCS route is slower and with more steps, but you...
Okay... In fact, I've never traded CHF pairs, and my account is below the maximum limit, so I'm safe.
Ummm... I chose FSCS anyway.
  • #6,457
  • May 4, 2015 10:38am May 4, 2015 10:38am
Quoting Cobra
{quote} I am not sure why you refer to a dividend of 50p per GBP1..... .
I don't mean to use the term "dividend" as being my own term. The term is that as used in the FSCS example 1 that I quoted in my previous post. The first payout of monies from KPMG is referred to as a dividend in that example.

The key point I wanted to make (and that FSCS has made) is that choosing FSCS first or, alternatively, choosing KPMG first then transferring to FSCS, will not make any difference in terms of the actual amount received by the claimant for sums over 50000 GBP.
  • #6,458
  • May 4, 2015 10:43am May 4, 2015 10:43am
Anyway guys i guess still two weeks...for most of us the mess will be done...HOPE IT.
myfxbook: neoxis
  • #6,459
  • May 4, 2015 12:59pm May 4, 2015 12:59pm
Quoting m1nich
{quote} I don't mean to use the term "dividend" as being my own term. The term is that as used in the FSCS example 1 that I quoted in my previous post. The first payout of monies from KPMG is referred to as a dividend in that example. The key point I wanted to make (and that FSCS has made) is that choosing FSCS first or, alternatively, choosing KPMG first then transferring to FSCS, will not make any difference in terms of the actual amount received by the claimant for sums over 50000 GBP.
Never Ever Give Up!
  • #6,460
  • May 4, 2015 5:28pm May 4, 2015 5:28pm
People do not confuse us.

This sentence: "FSCS does not have to have made a full recovery of its £50,000 before it starts paying its dividend recovery on to claimants." means that FSCS does not have to wait for divident payment from Alpari to start paying out compensation to claimants (us).
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