Latest update on Alpari (UK) in Special Administration regarding compensation payments 

KPMG Insolvency has issued a notice to inform about latest Update on FSCS compensation payments for Alpari (UK)

This update is in addition to previous information.

Latest update on Alpari UK: First Interim Client Money Distribution

KPMG insolvency on Alpari UK: Compensation Payments made by FSCS – Notice to Clients 

FSCS compensation payments

Please note that FSCS is not yet in a position to proceed with the next batch of compensation payments that are intended to be paid out to clients who have agreed their client money entitlement and contractual claim on the Claims Portal (“Clients”).

FSCS expects to make the payments later in July. Once compensation payments are made, the Joint Special Administrators (“JSAs”) will contact each client confirming payment. If you have not received payment within ten working days of receiving confirmation that payment has been made, please contact alpariukclaims@kpmg.co.uk and a member of the JSAs’ team will be able to assist you.

FSCS Pending accounts

Please note that a number of Clients who have successfully agreed their claims with the Joint Special Administrators may not yet have formally assigned their claim to FSCS. This is due to FSCS requiring further information from those Clients, and as a result these Clients have been given a ‘Pending’ status by FSCS.

Clients likely to be affected are those that are holding joint accounts, those that are holding accounts in the name of a company, or those accounts with a non-residential address. This is not exhaustive however, and all Clients with a ‘Pending’ status will have been notified of this upon agreeing the balance of their claim on the Claims Portal.

Many of the Clients affected by this also received a distribution from the JSAs of 55 cents in the dollar on 24 June 2015; please see previous updates on the JSAs’ website regarding this – www.kpmg.com/uk/alpari.

In order to confirm further information, FSCS are in the process of sending out application forms to clients. However, the JSAs have been notified by FSCS that this process may take some time. The JSAs are working with FSCS to ensure that as many application forms are sent out as soon as possible to allow Clients to progress their claims.

KPMG informs that If anyone has any questions related to his/her ‘Pending’ status, to contact enquiries@fscs.org.uk, quoting ‘Alpari’ in the subject line.

Source: KPMG – Update on FSCS compensation payments

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