de | cn | ru

Brokers News

KPMG makes first client money distribution to Alpari UK clients today

On 30 April 2015 the Joint Special Administrators announced their intention to make a first interim client money distribution (“First Client Money Distribution”) to clients with agreed client money claims.
 
The Joint Special Administrators will shortly be making a payment of the First Client Money Distribution of 55 cents in the $ (USD) to clients who have agreed their client money entitlement and contractual claim on the Claims Portal prior to the last date for proving of 31 May 2015 (“Clients”). Clients will be notified via email by 25 June 2015 confirming that the First Client Money Distribution payment has been made to them.
 
For the avoidance of doubt, a Client does not include those who have formally assigned their claim to FSCS. Please see below for further information regarding this. 
 
Distributable Amounts
 
The Joint Special Administrators will not be paying the First Client Money Distribution to Clients with a distributable amount of USD 200 or less. This is because it is not economical for the Client Money Pool (“CMP”) to bear the administrative costs of making payments below this level. Clients with a distributable amount of less than USD 200 will continue to have a claim into the CMP and will receive their distribution when further distributions have been declared and it is more economical to do so.
 
Bank Details
 
The Joint Special Administrators are currently verifying the bank details for some Clients; those whose details cannot be confirmed prior to payment will not be paid the First Client Money Distribution at this time. The Joint Special Administrators have, and will continue to, contact Clients directly regarding bank detail queries. For Clients who are not paid on the first interim distribution date, regular payment runs will be performed after the first interim distribution date to make ‘catch up’ payments to Clients.
 
Claims agreed after last date for proving Those with a claim in the CMP who have agreed claims after the last date for proving (31 May 2015) may not receive payment on the first interim distribution date, but they will not be prejudiced by the earlier payment of interim distributions to clients who had already agreed their claims. For those who are not paid on the first interim distribution date, regular payment runs will be performed after the first interim distribution date to bring those clients who subsequently agree claims to the same cumulative distribution level as other Clients with agreed client money claims. 
 
FSCS
 
Clients who have formally assigned their claim to FSCS, and who have been accepted by FSCS for compensation payments, will not receive the First Client Money Distribution. For those that have already received a compensation payment from FSCS, distributions paid out on these claims will be paid directly to FSCS. FSCS will then pass on distributions to Clients with a balance over £50,000 until those Clients are paid in full or until those Clients have received the full distribution amount, whichever occurs  first.
 
Please note that a number of Clients who have successfully agreed their claims with the Joint Special Administrators prior to the last date for proving may not yet have formally assigned their claim to FSCS. This is due to FSCS requiring further information from those clients. These clients were notified in the Claims Portal and FSCS have sent/will be sending an application form to be completed. As these clients have not formally assigned their claims to FSCS these Clients will also be eligible to receive the First Client Money Distribution.
 
Clients may assign their claim to FSCS at any time; which includes after receiving the First Client Money Distribution. FSCS will provide compensation to eligible clients up to a value of £50,000.
 
ETX Capital (“ETX”)
 
Clients who have requested to have distribution payments made to their account at ETX will have the first interim distribution payment made as requested. Clients will be contacted by ETX once the funds have been received. 

 

TAGS: alpari uk  alpari uk insolvency  client money distribution  kpmg 

More news about Alpari

Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia, Cyprus ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

More Forex Brokers News

Vantage Prime will no longer service non-Australian clients

May 20 2019 13:36:39

  Vantage Prime, which is a part of the Vantage FX group, announced it will no longer service non-Australian clients, online media Finance Magnates reported today. The broker’s decision is taken due to regulatory concerns. Read more

Dukascopy warns it has no cooperation with shady broker GCG Asia

May 16 2019 13:29:47

  Swiss forex brokerage and bank Dukascopy has repeatedly warned investors that it is has no cooperation Guardian Capital Asia (GCG Asia) and that the latter is likely involved in a fraudulent scheme. Read more

$75 mln forex Ponzi scam revealed in the US

May 03 2019 16:46:08

The Commodity Futures Trading Commission (CFTC) in the US has filed charges against Florida based Oasis International Group, Oasis Management and Satellite Holdings along with their owners for running a 75 million USD Ponzi scheme, concealed as forex investment program. Read more

Australians lost $86 mln to investment scams in 2018

May 02 2019 17:04:18

Australians lost over 86 million USD to investment scams in 2018 alone – the biggest portion of the almost 490 million USD  in losses from over 378 000 scam reports, the latest report of the Australian Competition and Consumer Commission’s (ACCC) reveals. Read more

FXTM now offers a deposit bonus of up to $5 000

Apr 25 2019 11:10:24

  Global award-winning brokerage FXTM has launched their biggest deposit bonus promotion ever. The broker is now offering an extra 30% back from every amount their traders deposit over a period of 30 days, up to a total of $5,000. Read more

FXTM appoints Han Tan as a Market Analyst for Southeast Asia region

Apr 19 2019 13:28:36

  Global award-winning forex broker FXTM has just announced the appointment of Tan Chung Han (Han Tan) as a Market Analyst. Read more

FXTM gets a license from Mauritius’ FSC

Mar 28 2019 09:59:36

  Award-winning forex brokerage  FXTM (ForexTime) continues its ongoing global expansion. The broker announced it has acquired a license from the Financial Services Commission (FSC) of the Republic of Mauritius previous week. Read more

Fortrade is the first broker to get an ASIC license in nearly 2 years

Mar 20 2019 15:03:35

  Fortrade acquired a financial services license from the Australian Securities and Investments Commission (ASIC), which hasn’t been very welcoming of new retail forex broker applicants lately. Read more

FP Markets launches a suite of cutting-edge MT4 tools for traders

Mar 06 2019 14:31:42

  FP Markets, a market-leading Forex and CFD provider, launches MT4 Trader Toolbox, a suite of twelve online trading tools which will take their clients’ trading to the next level. Read more

Major broker IG launched its US website

Jan 31 2019 13:15:37

  Global brokerage IG launched its website intended for US retail clients (www.ig.com/us). Residents of the US (with the exception of those in Arizona or Ohio) can now register on the broker’s website in less than 5 minutes and start trading. Read more

de | cn | ru