As Alpari Uk went down, so did the hopes of over 100,000 traders who deposited with Alpari to make money, but fortunately FCA has things under control.
Since the company reached to the insolvency point after the SNB’s EURCHF floor scrapping announcement. As of the 18th of January, the UK watchdog has put Alpari UK under administration. The appointed special administrators are Richard Heis, Samantha Bewick and Mark Firmin of KPMG LLP.
The following is an FCA official announcement provided explanation to Alpari clients what it really means to be under administration and what to expect next.
- What is the Special Administration Regime (SAR)?
The SAR, introduced by the UK government in 2011, helps sort out situations where investment firms, which hold clients’ money and/or assets under the FCA’s CASS rules, fail. The SAR process has a number of objectives, but one of these is to ensure clients’ money and assets are returned to customers, as soon as is reasonably practicable.
- Is there any client money missing?
The special administrators will assess the client money position of Alpari as part of their work. Once the special administrators have carried out this assessment, whether there is any client money missing will become clearer.
The initial view in the early stages is that the client money is whole.
- Where can I get more information about the process?
KPMG’s website will be the relevant source of information on the progress that is being made by them on this.
- Will I get my money back?
The special administrators will return as much client money to clients as possible, as quickly as possible.
- If I cannot get all my money back from Alpari, am I entitled to any compensation?
After the special administrators have completed their assessment of the client money position of Alpari, it will become clearer whether there are any customer losses relating to client money. If this is the case, depending on your individual circumstances, you may have access to the Financial Services Compensation Scheme (FSCS).
Those of traders whose accounts have been affected in the course of Alpari Uk insolvency should contact the special administrators to understand more about how this situation might affect them personally. Please visit KPMG’s website for further information.
On a different note, there are numerable of rumors hinting that IronFX is negotiating with Alpari UK to get the company out of the administration, although it has not been officially confirmed yet.
The first Alpari UK insolvency announcement
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