Alpari UK FSCS compensation begins

15 May,, Lagos — Alas! One of the high profile cases leading from the aftermath of “Black Thursday” is about to get sorted out for good. Starting May 14, 2015, the Financial Services Compensation Scheme will commence compensating Alpari UK clients who had their funds stuck in the custody of the Joint special administrators after the firm went bust.

The FSCS will commence payment to all eligible clients of the company who have met the criteria of: agreeing their claims in the Claims Portal and chosen to assign to FSCS. The function of assigning claims to the FSCS was included on the claims portal after extensive discussions between the JSAs and FSCS to simplify the process for claims and being paid. Hence, clients were able to chose to be compensated either by the JSAs or by the FSCS. Now, the compensation will be paid directly after their bank account details have been provided. All compensation payments will be paid in US Dollars.

Confirmation process

After the first tranche of payments are sent out, the FSCS will then send out emails to the clients that were paid, informing them of the payment. This emails will be sent only to the registered email address attached to the clients’ trading account. The email confirmation is expected to be sent out by 20 May, 2015.

The compensation will be paid in different batches due to the number of checks that need to be performed to ensure that a client can be paid, including confirmation of personal and bank account details. So for those who have done their due diligence by agreeing their claims in the claims portal and do not receive compensation in the first tranche of payouts do not need to fret. If no further information is required it is expected that those clients will be paid in the next tranche of compensation payments.

As Alpari UK FSCS compensation begins, the FSCS has also appealed to clients that they should ensure that their bank accounts have no restrictions which may pose potential problems to the payment procedure.

Having previously acquired the client base of Alpari, clients have been given the option of requesting their ETX Capital accounts funded directly. For those clients who get paid in cash but requested for a transfer of their funds to ETX capital, such clients should notify the FSCS and will have the funds redirected. ETX Capital will then be in contact shortly after once the funds are received.

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