Alpari claims & FCSC

[YouAreNotFree]

Alpari claims & fscs

I was in the second tranche of clients and agreed my account balance with the administrators through the claims portal more than one month ago, at which point I also referred the claim to the fscs (because the admin stated it would be quicker). More than one month later and I've not heard a peep from the fcsc.

What about the rest of you?

This is a relatively small amount of money to me, so I'm one of the lucky ones, but even so I'm beginning to get a little frustrated. I can only imagine if you have significant funds tied up in this process....

I'm sure there is plenty of pen pushers milking this entire process for all it's worth though!

 

[moka2]

I was in the second tranche of clients and agreed my account balance with the administrators through the claims portal more than one month ago, at which point I also referred the claim to the fscs (because the admin stated it would be quicker). More than one month later and I've not heard a peep from the fcsc.

What about the rest of you?

Although I am not a client of Alpari, I am very interested in knowing how FCSC is handling this , because if they pay on time then it will prove that FX brokers are really covered by Fcsc.
And it will also prove that for OTC products UK is a better jurisdiction than US / Australia etc for a trader

 

[YouAreNotFree]

I was told (when referring the claim to the fscs through the claim portal of the administrators 5-6 weeks ago) that they would contact me and not to take it upon myself to initiate contact with them. Yet to date there not even been an acknowledgement they have received my claim. That's bad form imo

Well, should the situation remain in it's current state this Friday I will reluctantly be making contact and adding yet more costs to the entire drawn out process. I can't imagine I'm the only one in this situation either.

Meanwhile, ETX are sending me emails because my personal details were sold. They've even opened an account for me on one of their platforms with a username and password and offered help with the claims process. Was the process delayed( and is it still being delayed?) so ETX could have time to lay it's breadcrumbs to attract previous Alpari UK clients?

 

[jamesuk]

What kind of help have they offered to you ? and did they open the account without your confirm ? Of course the target of EDX will be to get as many of Alpari uk clients on board with EDX. I have never traded either of them i am just asking out of curiosity.

 

[YouAreNotFree]

They opened it with no contact from myself at all. I can't remember what help they offered but it boils down to the fact they want the funds directed straight to you ETX account (which you now have whether you want an account with them or not or not) and not your personal bank account.

 

[jamesuk]

They opened it with no contact from myself at all. I can't remember what help they offered but it boils down to the fact they want the funds directed straight to you ETX account (which you now have whether you want an account with them or not or not) and not your personal bank account.

And of course i can imagine that if they manage something like this then they will require some restrictions for you for withdrawing your funds

 

[highbury fx]

And of course i can imagine that if they manage something like this then they will require some restrictions for you for withdrawing your funds

They shouldn't do.

ETX managed to open an account for the Alpari clients by using the same information that was supplied to Alpari when the client originally applied for an account at Alpari. Regulated companies that have similar KYC procedures are able to rely on each others due diligence for clients that make applications to both firms.

Because ETX used that information to open an account they have verified you already. the only reason stopping them from making your withdrawal would be if that information was very old or if you had moved house or changed bank. they would then ask you for some scanned evidence that you are who you say you are. it certainly shouldn't cause them a delay of more than a few hours to send your money back.

 

[YouAreNotFree]

Yes, that's true. They did state that once the money is in your ETX account you are free to withdraw it.

Still no sign of my money. Plenty of button clicking and paper pushing activity I would imagine. Milking the process for all it's worth.

Did anyone read about the courier firm 'City link'? The administrators charged an average of £240 p/h, and there were thousands of hours billed for The system's all wrong.

 

[YouAreNotFree]

So is there no-one reading this that was in the second tranche of clients? You will have agreed your account balance in the portal and passed on your claim to the FSCS.

Since I agreed my balance I've had diddly squat contact from anyone. My money was segregated. I only traded cable on that account so there was no trades to investigate. I have agreed my balance with the administrators. Yet I still don't have my money 3 months later.

Nothing like efficiency

 

[highbury fx]

So is there no-one reading this that was in the second tranche of clients? You will have agreed your account balance in the portal and passed on your claim to the FSCS.

Since I agreed my balance I've had diddly squat contact from anyone. My money was segregated. I only traded cable on that account so there was no trades to investigate. I have agreed my balance with the administrators. Yet I still don't have my money 3 months later.

Nothing like efficiency

the whole point of the deal that KPMG made with ETX on behalf of the creditors was to find a solution that would enable most of the creditors to get access to their funds again (as well as get ETX a lot of clients and make KPMG a lot of money, but that's neither here nor there in this instance)

Your Alpari money should be sitting on the account that ETX opened for you. If I were you I would speak to ETX and say ' you bought my funded account from alpari, where are my funds and when can I get them' and see what they say.

you don't need anyones permission to go to the FOS. If you don't get the reply you want from KPMG, Alpari, ETX or anyone else then escalate it.

 

[jamesuk]

They shouldn't do.

ETX managed to open an account for the Alpari clients by using the same information that was supplied to Alpari when the client originally applied for an account at Alpari. Regulated companies that have similar KYC procedures are able to rely on each others due diligence for clients that make applications to both firms.

Because ETX used that information to open an account they have verified you already. the only reason stopping them from making your withdrawal would be if that information was very old or if you had moved house or changed bank. they would then ask you for some scanned evidence that you are who you say you are. it certainly shouldn't cause them a delay of more than a few hours to send your money back.

In that case they should require his permission to open an account under his name. I mean this doesnt seems to be very professional, i would prefer EDX to ask me first and then open an account with them.

 

[YouAreNotFree]

Your Alpari money should be sitting on the account that ETX opened for you.

I really hope that is not the case. From the ETX emails they periodically send, I understood that the funds could only be directed there on my permission.

The claim should have been passed to the FSCS (faster apparently). I'm awaiting a response from their complaints guy. Up to 22 days wait time.....meh.

The administrators haven't even replied to my email after 1 week.

 

[YouAreNotFree]

On second thoughts........

Here I am wondering where the heck my money is, growing mildly more peeved by the week, when ETX are offering to sort everything for me.

Well I didn't especially care for you opening accounts in my name without my permission, but over to you guys......go fetch me my money.

 

[Fintrader]

I'm in the same situation. There was no doubt about my Alpari account balance so I agreed it with the administrators. I still haven't heard anything from the FSCS.

My understanding is that ETX has bought Alpari's client details only. It has not acquired "funded client accounts". ETX has opened accounts in clients' names and naturally hopes that clients will use their new accounts. However, there's no obligation for clients to do so. ETX also offer clients a service where ETX will liaise with the FSCS on the client's behalf to have the Alpari account balance transferred to the new ETX account. Again, there's no obligation for the client to go along with this.

I decided to give the new ETX account a try, and I deposited a small amount in it so I could do a few trades. So far it looks quite good, but I'm only testing it with mini trades.
I decided not to take ETX up on their offer of working with the FSCS and having my Alpari funds transferred to ETX. I think that could just add another layer of complexity to the whole process, but who knows? I assume that the FSCS will contact me at some stage to ask for my bank details.

At one time I had savings in a bank that eventually went bust, and it took ages to get the compensation money through... Let's hope they can get Alpari sorted out fairly soon.

 

[YouAreNotFree]

When did you agree to the balance and file with the FSCS?

It's simply not acceptable to have zero contact from them after nearly two months. How are we to know our claim has been received? Is it being processed? A timeline?

You'll get nothing from these guys.

Our money was sitting there, segregated and safe all along. There hasn't been a dispute regarding any trades or balances. Yet here we are 3 months down the line and someone, somewhere still has our money. Meanwhile, the longer this process drags on the fatter and happier the parasites, feeding on the corpse of Alpari UK, grow.

Not good enough

 

[YouAreNotFree]

There's been an email sent out asking people to confirm where to direct the funds and confirm bank details etc

 

[Fintrader]

Yes, looks like things are moving forwards. Based on the new email I decided to request that my money is transferred to my new ETX account (mainly to save typing in all my bank details).

 

[jamesuk]

Yes, looks like things are moving forwards. Based on the new email I decided to request that my money is transferred to my new ETX account (mainly to save typing in all my bank details).

So you have the option to choose where your money will be deposited? Is it the same for the ones that agreed with ETX?

 

[Fintrader]

Sorry, I don't really know and I'm a bit too busy at the moment to check again. I guess you'll get the email soon. Let's hope they can pay up fairly quickly now.

 

[redishetti]

Claims for Alpari Clients

Hai, I am also an account holder with Alpari. My account too is segregated. I agreed for my balances with the claims portal. ETX has sent me few emails on the developments with the claims process. I too wrote a mail to them seeking some clarifications on the terms of the MT4 forex accout with them. It looks, they opened an account on my name. Yesterday an executive of ETX has spoken to me over my mobile, and cleared some of my doubts on leverage, type of execution of orders, withdrawal procedure etc. I am satisfied a little bit with his confirmations. ETX is also registered with FCA, i.e in case of any unforeseen eventuality, FSCS will be there to protest the clients. FSCS has also given an option to transfer the funds to ETX account. You can find the same at their Alpari update under Q&A. (Link: http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-alpari-uk-limited/#question11).

In the absence of any assurances & confirmations from either Alpari, KPMG or FSCS, the Alpari account holders, like me, are worried over the delays & developments. In the larger interests of all the accounts holders of Alpari, I would like to request the managements of Alpari, KPMG & FSCS to make a joint statements that the Transfer of funds to ETX will be safe & secure.

thanks

pandupr2