FCA Sheds Light on Alpari UK Administration with Response to Key Questions
- The FCA has issued its first official note on the Alpari UK administration, the regulator confirmed the event and outlined what the current status of affairs are, it also informed affected traders of what to expect in relation to their funds.
Alpari UK continues to steer headlines in the fragile world of Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFD trading. The UK watchdog FCA has issued a notification on its website in relation to the current standing of the organisation and gives affected parties guidance on what to expect next. The announcement aims to clear the air for traders whose funds are stuck with the broker.
The FCA made the announcement on its website, confirming the events that have shocked the global FX trading environment. It initiated this notice by confirming that on “18 January 2015 Alpari (UK) Limited (Alpari) formally entered into Special Administration Regime insolvency proceedings.”
The regulator used the notification to educate consumers on the special administration the firm entered with KPMG. The FCA outlined that Alpari UK had over 100,000 customers and initial findings show that no 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 is missing.
The FCA also reiterated the measures investors should take if their funds have been affected and if the amount falls within the threshold of the Financial Services Compensation Scheme.
Details of the administrator, KPMG, are provided with follow-up information for users.
This current comment is the first issued by the watchdog. During a telephone discussion with Forex magnates on Friday, the regulator said that it was monitoring the situation but was not in a position to make a statement.
Alpari UK continues to steer headlines in the fragile world of Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFD trading. The UK watchdog FCA has issued a notification on its website in relation to the current standing of the organisation and gives affected parties guidance on what to expect next. The announcement aims to clear the air for traders whose funds are stuck with the broker.
The FCA made the announcement on its website, confirming the events that have shocked the global FX trading environment. It initiated this notice by confirming that on “18 January 2015 Alpari (UK) Limited (Alpari) formally entered into Special Administration Regime insolvency proceedings.”
The regulator used the notification to educate consumers on the special administration the firm entered with KPMG. The FCA outlined that Alpari UK had over 100,000 customers and initial findings show that no 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 is missing.
The FCA also reiterated the measures investors should take if their funds have been affected and if the amount falls within the threshold of the Financial Services Compensation Scheme.
Details of the administrator, KPMG, are provided with follow-up information for users.
This current comment is the first issued by the watchdog. During a telephone discussion with Forex magnates on Friday, the regulator said that it was monitoring the situation but was not in a position to make a statement.