It’s been more than a month since KPMG was appointed as special administrator of Alpari UK Limited after the company was forced out of business due to outstanding losses in the aftermath of the Swiss National Bank.
While clients of Alpari UK have been getting anxious to know when they will be able to recover their funds, the procedure of liquidating the assets of the brokerage has been ongoing. With interest from other parties in the industry focused on the failed UK broker dissipating, the special administrator announced the next step in the process of recovering client funds.
According to an announcement made by KPMG, the designated Claims Portal for clients of Alpari UK will start operating in a couple of phases. The first phase has already started and is acting as a test run for the first major wave of claims expected.
The testing phase started yesterday with 500 clients being granted access to the Claims Portal. After ensuring that the tool operates normally and that there are no constraints to its capacity, KPMG will open access to the first batch of customers of Alpari UK who will be able to submit their claims to be agreed upon, which will facilitate the payment of their funds by the Financial Services Compensation Scheme.
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The special administrator has clarified to Alpari UK’s clients that the order in which they submit their claims will have no impact on them recovering their funds.
The total number of claims by clients which KPMG expects to be submitted exceed 100,000.
Following is the Frequently Asked Questions document provided by the special administrator for clients of Alpari UK.