Affected Clients of Bankrupt Alpari UK Updated on Compensation Payments

The special administrators of bankrupt brokerage firm, Alpari (UK) Limited (Alpari), today announced that claimants awaiting payment under the UK Financial Services Compensation Scheme (FSCS) will have to wait until later in the month to receive Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. KPMG, who were appointed receivers in January 2015, note that they are “not yet in a position to proceed with the next batch of compensation payments."

However, those claimants that have already agreed to their Client Money Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term entitlement and contractual claim can expect notification from KPMG confirming payment in late July, and payment should be received within 10 working days from the notification.

There are also a number of accounts with a status of ‘pending’; specifically, those claimant accounts with information still outstanding. According to the update, “clients likely to be affected are those that are holding joint accounts, those that are holding accounts in the name of a company, or those accounts with a non-residential address.”

Nonetheless, many of those affected by a 'pending' status should have received a distribution from the administrators of 55 cents in the dollar on June 24.

Back in March, the FSCS reassured Alpari clients that they would be fully compensated for up to £50,000 of deposits at the brokerage. Since then, delays have frustrated claimants, with FSCS even issuing an apology in April.

Consequently, the administrators have been rushing to ensure that claims are being managed efficiently. KPMG have set up a Claims Portal, through which claims are managed. Claimants who are covered by FSCS have therefore been required to submit their information via this portal, except those accounts held in joint names or in a trust or corporate entity, who were required to complete a FSCS claims form.

Alpari was placed under special administration in January following the Swiss National Bank’s decision that resulted in deep losses for the broker.

Enquiries regarding a ‘pending’ status can be sent toenquiries@fscs.org.uk, while those who may not receive payment within 10 days of notification can emailalpariukclaims@kpmg.co.uk.