KPMG Updates Alpari UK Clients on Insolvency Process, Parsing out Some Numbers
- The special administrator has announced that £43.3 million, 66% of of Alpari UK client funds, have already been transferred to an account which it controls directly. So far 144 Alpari UK employees have left the company.
KPMG, special administrator to Alpari UK, released an update to clients and creditors on Monday. The update confirms Forex Magnates’ report that the company’s intellectual property has been acquired by Andrey Dashin.
It also confirms that Alpari UK will be sold for parts after no buyers of the company as a whole emerged, and it further affirms that 114 employees have since resigned or been made redundant, the remaining 52 employees assisting KPMG.
We do receive some welcome (or unwelcome) numbers as to 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. KPMG reassures that client funds were held in segregated accounts totaling approximately £65.5 million. All of the institutions that held client money on behalf of Alpari UK have been contacted and, to date, have transferred approximately £43.3 million (about 66% of the funds) to trust accounts under KPMG’s direct control. The remaining £22.2 million of segregated funds is awaiting confirmation of transfer.
They remind customers that information regarding the pricing of trades is not expected to impact clients who only held cash balances in their accounts at 9:30 am GMT on January 15 and who entered no subsequent trades.
Beyond that, the analyzing of trades closed on the 15th and 16th of January continues. Until that's done, KPMG can’t confirm final client account balances. For what it’s worth, “the Joint Special Administrators appreciate that the current situation and ongoing delay may cause difficulties and uncertainty for clients…[and they] are aware of the importance of completing this process as soon as possible and are working hard to achieve this.”
However, given the complexity and need to comply with Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, they aren’t able to give a definitive timeline for completion, leaving many customers with little-to-no answers. Once the validation process has been completed, another statement will be issued. In any event, another update will be provided February 20th.
Regarding their controversial claims portal, KPMG says that development is progressing well. As soon as the portal is available, clients whose balances have been validated should be able to view their statements. As of yet there is no need to submit a claim, and if you have already filled out a Proof of Debt form or attempted to lodge a claim vie email, these will, in effect, be ignored.
Some cold comfort to employees is that, at most, they will have to wait eight weeks to the day of KPMG’s appointment as special administrators. By then, KPMG is required to send proposals to all known clients and creditors.
KPMG, special administrator to Alpari UK, released an update to clients and creditors on Monday. The update confirms Forex Magnates’ report that the company’s intellectual property has been acquired by Andrey Dashin.
It also confirms that Alpari UK will be sold for parts after no buyers of the company as a whole emerged, and it further affirms that 114 employees have since resigned or been made redundant, the remaining 52 employees assisting KPMG.
We do receive some welcome (or unwelcome) numbers as to 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. KPMG reassures that client funds were held in segregated accounts totaling approximately £65.5 million. All of the institutions that held client money on behalf of Alpari UK have been contacted and, to date, have transferred approximately £43.3 million (about 66% of the funds) to trust accounts under KPMG’s direct control. The remaining £22.2 million of segregated funds is awaiting confirmation of transfer.
They remind customers that information regarding the pricing of trades is not expected to impact clients who only held cash balances in their accounts at 9:30 am GMT on January 15 and who entered no subsequent trades.
Beyond that, the analyzing of trades closed on the 15th and 16th of January continues. Until that's done, KPMG can’t confirm final client account balances. For what it’s worth, “the Joint Special Administrators appreciate that the current situation and ongoing delay may cause difficulties and uncertainty for clients…[and they] are aware of the importance of completing this process as soon as possible and are working hard to achieve this.”
However, given the complexity and need to comply with Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, they aren’t able to give a definitive timeline for completion, leaving many customers with little-to-no answers. Once the validation process has been completed, another statement will be issued. In any event, another update will be provided February 20th.
Regarding their controversial claims portal, KPMG says that development is progressing well. As soon as the portal is available, clients whose balances have been validated should be able to view their statements. As of yet there is no need to submit a claim, and if you have already filled out a Proof of Debt form or attempted to lodge a claim vie email, these will, in effect, be ignored.
Some cold comfort to employees is that, at most, they will have to wait eight weeks to the day of KPMG’s appointment as special administrators. By then, KPMG is required to send proposals to all known clients and creditors.