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Alpari.co.uk Discussion

  • #7,541
  • Jul 13, 2015 8:33pm Jul 13, 2015 8:33pm
what is with this broker?!
I have used ages ago and I was 100% satisfied, now Alpari.co.uk point to Alpari.com here I see somebody waiting for his money... what happen?

Why that CHF spike killed so many brokers? Aren't they MM?
I want to buy PATIENCE
  • #7,542
  • Jul 14, 2015 3:52am Jul 14, 2015 3:52am
Just called to FSCS if I am in second tranche.

He (I dont know his name) found me in spreadsheet and confirmed me that I am in second tranche and then told me they hope payment will be next week. He told me about payment without me asking.
  • #7,543
  • Jul 14, 2015 4:07am Jul 14, 2015 4:07am
Quoting wellard
Just called to FSCS if I am in second tranche. He (I dont know his name) found me in spreadsheet and confirmed me that I am in second tranche and then told me they hope payment will be next week. He told me about payment without me asking.
They have been saying the payment is next weeks since June...
  • #7,544
  • Jul 14, 2015 4:09am Jul 14, 2015 4:09am
Quoting GreatnessV10
{quote} They have been saying the payment is next weeks since June...
I know :-(
  • #7,545
  • Jul 14, 2015 4:47am Jul 14, 2015 4:47am
Quoting wellard
{quote} I know :-(
The FSCS is a very large company. You would assume they would behave in a respectable way.

Their current strategy of communication is very juvenile. I would have been happier knowing it's gonna
take 2 months for the next batch instead of saying next week for 8 weeks.

They Make it look to the whole world on a personal lvl, that the UK does not know how to conduct business in a respectable way.
Which is sad because English business take pride in doing things efficiently.
  • #7,546
  • Jul 14, 2015 5:09am Jul 14, 2015 5:09am
Quoting GreatnessV10
{quote} The FSCS is a very large company. You would assume they would behave in a respectable way. Their current strategy of communication is very juvenile. I would have been happier knowing it's gonna take 2 months for the next batch instead of saying next week for 8 weeks. They Make it look to the whole world on a personal lvl, that the UK does not know how to conduct business in a respectable way. Which is sad because English business take pride in doing things efficiently.
I hope that at least confirmation of my name in second tranche is TRUSTWORTHY and not other misleading information of Fairytale Service CS
  • #7,547
  • Jul 14, 2015 5:27am Jul 14, 2015 5:27am
Quoting wellard
{quote} I hope that at least confirmation of my name in second tranche is TRUSTWORTHY and not other misleading information of Fairytale Service CS
Fairytale Service CuntS Soo true.

Well I hope as well that they were not misleading me by confirming I was on the 2nd batch too.
  • #7,548
  • Jul 14, 2015 5:54am Jul 14, 2015 5:54am
Quoting GreatnessV10
{quote} The FSCS is a very large company. You would assume they would behave in a respectable way. Their current strategy of communication is very juvenile. I would have been happier knowing it's gonna take 2 months for the next batch instead of saying next week for 8 weeks. They Make it look to the whole world on a personal lvl, that the UK does not know how to conduct business in a respectable way. Which is sad because English business take pride in doing things efficiently.
You are spot on.

One would expect way better from a first world country.

G
Never Ever Give Up!
  • #7,549
  • Jul 14, 2015 8:17am Jul 14, 2015 8:17am
Bomb email, mention on tweet, mention to bloomberg, the economist, the newyork times, to shame on UK Financial services..

Haha sorry for that, but the kpmg or fscs rule of game is s*cks!

They didn't reply me email, no info about spin out time payment.. Ah!!
  • #7,550
  • Jul 14, 2015 11:07am Jul 14, 2015 11:07am
Quoting Cobra
{quote} I have also asked Bloomberg Europe to investigate on our behalf......( send them an email) Let see....maybe just maybe we get results. If more clients just wanna jump in and keep on asking questions we WILL get a response. G
Thanks for the efforts. All this is so crooked.
Big organisations support each other but this is outrageous.
Beware of robber banks (RB), bad advisors.
  • #7,551
  • Jul 14, 2015 11:15am Jul 14, 2015 11:15am
hi to all,
here is my mail correspondence with FSCS:
Q
As former Alpari UK client I would like to know am I on the list scheduled for next payment through FSCS in July.
In case I'm not on the list, I would like to know why and who I can contact for further information's.
A
We have an agreed balance and a verified account so you are ready for us to make a payment. I cannot see the list but you should be on it
Q
thank you for fast replay, please send me an contact email of the person who can see the list to confirm I'm on the next payment schedule.
A
We do not have a list, the claims will be imported into the system when payments are due to be made. It is only at that point that we will be able to see the claims and confirm. By that time you should have already received an email confirmation from KPMG

contact mail was: john dot evans at fscs dot org dot uk

did anyone who received money in first payment received mail from KPMG

thx
Forex can only be understood backwards, but it must be traded forwards.
  • #7,552
  • Jul 14, 2015 12:39pm Jul 14, 2015 12:39pm
I found the web page


http://fshandbook.info/FS/html/handbook/COMP/9/2

which contains
"the rules governing eligibility under, and levies for, the Financial Services Compensation Scheme"

It contains, inter alia, time limits in which the payment must be made. I think that it could be useful in discussions with FSCS and KPMG, Financial Ombudsman etc.

Can somebody living in UK analyze this section and/or consult it with somebody with the knowledge of English law?
  • #7,553
  • Edited 2:21pm Jul 14, 2015 1:36pm | Edited 2:21pm
Quoting Pgab
{quote} Well,by my opinion Alpari's Client agreement is explaining this thing pretty well: Quote : Client Agreement,2014 - Alpari "29 Force Majeure 29.1 The Company may, in its reasonable opinion, determine that a Force Majeure Event has occurred or is continuing to occur in which case the Company will take reasonable steps to inform the Client. A Force Majeure Event includes without limitation: 29.1.1 any act, event or occurrence (including, without limitation, any strike, industrial action, riot or civil commotion, terrorism, war, act of God,...
I think that all these clauses where set in the Force Majeure under the precondition that Alpari was a "going concern".
Otherwise we where all trading at Alpari for a very long time where Force Majeure was in place.
If the decisions of SNB to abandon the cap on the Swiss franc's value against the Euro can be interpreted as a "ACT or REGULATION"
Then the decision of SNB to support the Swiss franc was also a "ACT or REGULATION" which triggered Force Majeure.

I really think that it would be good for the future for all, us traders, if we could take this case to court and get a court ruling
regarding this issue. Otherwise next time a broker will go bust then it most likely will be Force Majeure no matter what caused the bankrupcy.
  • #7,554
  • Jul 14, 2015 8:04pm Jul 14, 2015 8:04pm
Could anyone phone to fscs, provide them with fake info and see if they can find you on the list?

I'm worried if they'll say stuff like "you are on the list and you will receive payment next week...."
  • #7,555
  • Jul 14, 2015 8:22pm Jul 14, 2015 8:22pm
Quoting turing
I found the web page http://fshandbook.info/FS/html/handbook/COMP/9/2 which contains "the rules governing eligibility under, and levies for, the Financial Services Compensation Scheme" It contains, inter alia, time limits in which the payment must be made. I think that it could be useful in discussions with FSCS and KPMG, Financial Ombudsman etc. Can somebody living in UK analyze this section and/or consult it with somebody with the knowledge of English law?
Great find!

To quote from the page you referenced.

COMP 9.2 When must compensation be paid?

COMP 9.2.1B 01/04/2013
FCA
The FSCS must pay a claim as soon as reasonably possible after:
(1) it is satisfied that the conditions in COMP 3.2.1 R have been met; and
(2) it has calculated the amount of compensation due to the claimant;

and in any event within:
(3) three months of that date, unless the FCA has granted the FSCS an extension, in which case payment must be made no later than six months from that date.

The key to the above clause is determining the "date" (refer sub-clause 3).
"that date" will be the date that you received a confirmation email agreeing your claim amount. (this email was from "UK-FM Alpari UK Claims" for me - should be the same for everyone else).

Unfortunately I only received this email on the 23 May 2015. That means they have until 23 August to pay me (assuming the FCA doesnt give them an extension).

Hopefully others have an earlier confirmation date.
What's it all about? It's all about money.
  • #7,556
  • Edited 4:50am Jul 15, 2015 4:28am | Edited 4:50am
Quoting Innate
{quote} Great find! To quote from the page you referenced. COMP 9.2 When must compensation be paid? COMP 9.2.1B 01/04/2013 FCA The FSCS must pay a claim as soon as reasonably possible after: (1) it is satisfied that the conditions in COMP 3.2.1 R have been met; and (2) it has calculated the amount of compensation...
" "that date" will be the date that you received a confirmation email agreeing your claim amount. "- Sorry for being pessimistic,but I'm not sure about this.

That email,with agreed claim was from KPMG - not from FSCS and they are 2 different companies,aren't they?
Practically we don't know the exact date when the FSCS have received the application for compensation from KPMG,we don't know the date when it has been finalised and or agreed by FSCS,therefore we don't know when the 3 month's clock it started to run,thanks to KPMG's mess and FSCS game.
All this case it has been and it is taken in a unusual way - normally FSCS is sending out application forms with dates and signature on,making things black and white .
All this thing what is happening now is like a scene from Alice in f..king wonderland.
  • #7,557
  • Jul 15, 2015 6:07am Jul 15, 2015 6:07am
Quoting Pgab
{quote} " "that date" will be the date that you received a confirmation email agreeing your claim amount. "- Sorry for being pessimistic,but I'm not sure about this. That email,with agreed claim was from KPMG - not from FSCS and they are 2 different companies,aren't they? Practically we don't know the exact date when the FSCS have received the application for compensation from KPMG,we don't know the date when it has been finalised and or agreed by FSCS,therefore we don't know when the 3 month's clock it started to run,thanks to KPMG's mess and FSCS...
KPMG was authorised by FSCS to settle the claimed amount. If you remember they modified the claims portal and we had to re-confirm our amounts.

Claims Portal as at 20 April 2014
Please note: these FAQs are specifically in relation to the Claims Portal new functionality which was released on 20 April 2014. The new functionality in the Claims Portal covers both claiming compensation from FSCS (if eligible and subject to agreeing to FSCS Payment Terms) and the option of having distributions from the Company or compensation from FSCS (together “Payments or Distributions”) paid directly to an ETX Capital (“ETX”) trading account if you so choose ([COLOR=rgb(2.000000%, 38.800000%, 75.700000%)]Link to update released on 20 April 2014[/color]).
https://www.insolvency-kpmg.co.uk/Vi...a-8f16d95f4dfd


I agree with being pessimistic tho. Real world shit like this doesn't always go to plan.
What's it all about? It's all about money.
  • #7,558
  • Edited 7:06am Jul 15, 2015 6:32am | Edited 7:06am
Quoting Innate
{quote} KPMG was authorised by FSCS to settle the claimed amount. If you remember they modified the claims portal and we had to re-confirm our amounts. Claims Portal as at 20 April 2014 Please note: these FAQs are specifically in relation to the Claims Portal new functionality which was released on 20 April 2014. The new functionality in the Claims Portal covers both claiming compensation from FSCS (if eligible and subject to agreeing to FSCS Payment Terms) and the option of having distributions from the Company or compensation from FSCS (together...
Thanks,you're right I just checked it now.
At least this date is set up,and they can't change it.
What I'm worrying about is the time frame ,as according of the FCA handbook you've just quoted above,FSCS is having 3 month (~or more) for processing of the payment,but it seems, they having unlimited time for calculating and for checking individual claim's eligibility (as the handbook is not mentioning it). I thing this is the tricky part in there.

"The FSCS must pay a claim as soon as reasonably possible after:
(1) it is satisfied that the conditions in COMP 3.2.1 R have been met; and
(2) it has calculated the amount of compensation due to the claimant;

and in any event within:
(3) three months of that date, unless the FCA has granted the FSCS an extension, in which case payment must be made no later than six months from that date."

"That date" - by my opinion is pointing to the date after points 1. and 2. are satisfied (or confirmed by FSCS) , FSCS (not KPMG ) have finished all their paperwork and ready to push the PAY button.
For me,this seems to bee a little back-door they can use.Maybe I'm not right,any opinions ?
  • #7,559
  • Jul 15, 2015 7:07am Jul 15, 2015 7:07am
Quoting prozor7
hi to all, here is my mail correspondence with FSCS: Q As former Alpari UK client I would like to know am I on the list scheduled for next payment through FSCS in July. In case I'm not on the list, I would like to know why and who I can contact for further information's. A We have an agreed balance and a verified account so you are ready for us to make a payment. I cannot see the list but you should be on it Q thank you for fast replay, please send me an contact email of the person who can see the list to confirm I'm on the next payment schedule....

I did received half payment of my balance to my ETX account, but have no idea when be able to receive the rest.

They are hopeless, i don't bother to email them anymore, just make little trade for time been
  • #7,560
  • Jul 15, 2015 8:48am Jul 15, 2015 8:48am
I think ETX will be asking their money back soon from KPMG for buying the client list.

How do they ( ETX) manage to keep their new ( Alpari) clients happy by only giving them 50% of their funds and waiting like us for the funds to be transferred to them?? Or have ETX been favoured by KPMG/FSCS during the pay out process. Would love to know what is happening behind the scenes.....

I cannot wait to close this chapter of my life. It is as if nobody cares about nobody.....
Never Ever Give Up!
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