Alpari UK Clients to Receive 55 Cents on the Dollar from KPMG Claims
The figure does not apply to those customers who have agreed to their claims with the U.K. Financial Services Compensation
The latest batch of information made available by the special administrator of Alpari UK, KPMG has revealed that all of the clients who have filed claims with KPMG will be receiving the first batch of payments.
The first distribution of client money amounts to 55 cents on the dollar. The payment is only the first batch and there are no warranties as to how much more can be recovered. The customers who are affected the most are those whose deposits have exceeded the £50,000 limit for insured deposits on investments with the U.K. Financial Services Compensation Scheme (FSCS).
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All of the clients who have filed their claims with the FSCS are not affected by this latest announcement. Back in April, Finance Magnates published an extensive interview with KPMG executives, informing Alpari UK’s clients who have claims amounting to less than £50,000, that their best course of action is to file claims with the FSCS.
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An email notifying all clients who are eligible to receive their compensation will be sent out tomorrow, on the 25th of June. In addition, KPMG will not be repaying any amounts totaling less than $200 due to the costs associated with the distribution.
This is the place to remind all clients of Alpari UK, that all those who have filed their claim with KPMG had the option to change their decision. According to the special administrators, this can still be done by logging into the claims portal and selecting FSCS instead of KPMG.
The change of claim may be carried out even after the client has received the first client money distribution. The FSCS will then compensate all clients whose account value did not exceed £50,000.
The communique issued by KPMG states that the company is still verifying the bank details of a number of clients of Alpari UK who have chosen to file their claims with the special administrator. Back in April, the executives from KPMG confirmed to Finance Magnates’ reporters that about three quarters of affected clients of Alpari UK have filed their claims with the FSCS.
If the value did exceed 50k GBP, can that victim still make a claim, knowing that they will only get 50k max?
If the value did exceed 50k GBP, can that victim still make a claim, knowing that they will only get 50k max?
If the accounts were segregated, why can they only get back 55 cents in the dollar?
Hi Paul, this is only the first round of reimbursements.
If the accounts were segregated, why can they only get back 55 cents in the dollar?
Hi Paul, this is only the first round of reimbursements.
This is a test of the FCA’s oversight of its rules of segregation of customer equity. Need lots more information to understand what is happening. Was insurance money included in these disbursements? Is the cost of KPMG services simply depleting the segregated funds? Was customer equity properly segregated, and if not, is there fraud here?
This is a test of the FCA’s oversight of its rules of segregation of customer equity. Need lots more information to understand what is happening. Was insurance money included in these disbursements? Is the cost of KPMG services simply depleting the segregated funds? Was customer equity properly segregated, and if not, is there fraud here?
It would appear that all the segregated money is accounted for. The haircut is to pay for KPMG’s fees!!
It would appear that all the segregated money is accounted for. The haircut is to pay for KPMG’s fees!!