We’ve reached out to Alpari UK for any further developments to be shared with its traders and our community. As soon as we hear anything, we’ll be sure to update this thread.
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Pipstradamus
Hey - can someone clarify something for me please?
What has happened to all of the accounts (like mine) that have money in them? I see that they are no longer accessible - but is this temporary? No matter whether they are bought, or insolvent?
After reaching out to Alpari for comment on the insolvency, I was directed by their representative, Alex, to offer the following link to their most recent announcement on Alpari.com:
Special Administrators appointed to Alpari (UK) LTD - Important announcement
As the statement mentions, all other inquires should be directed to the following:
For all queries, please contact:
[email protected]
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Pipstradamus
For everybodys information.
I have been in contact with the Special Administration and have formaly sent a claim of dept to them.
This is the answer I’ve got, and that is the answer I believe everybody else claiming dept from Alpari has got to.
This is a cut/paste from the reply email I got last night, and I think its okay to share it with all of you so people might get some answers around the prosess many traders now face.
[B][I]Dear Sir/Madam
Alpari (UK) Limited (in special administration) (the “Company”)
Thank you for your email in which you provided your proof of debt form. Further information will be provided in due course regarding the process for the agreement of claims. Please continue to monitor the website (address below) for further updates in this regard.
We confirm that Richard Heis, Samantha Bewick and Mark Firmin were appointed as Joint Special Administrators to the Company (the “Joint Special Administrators”) on Monday, 19 January 2015.
The Joint Special Administrators are currently receiving extremely high volumes of queries from creditors and clients. The Joint Special Administrators will endeavour to answer your queries as soon as possible, however due to the volume and similarity of queries being received, this will be performed through updates on their website.
The website will continue to be updated as further information becomes available.
The Joint Special Administrators are working closely with the Company staff to confirm all client positions. The Company is unable to action requests for withdrawals at present (including requests made prior to the appointment of the Joint Special Administrators but remaining outstanding) from any client accounts, as these accounts are now subject to the special administration process.
In relation to client monies held by the Company, the Joint Special Administrators are working to reconcile holdings and accounts in order to enable client monies to be released as soon as practicable, which is one of the Joint Special Administrators’ formal objectives under the Investment Bank Special Administration Regulations 2011. Clients will receive formal correspondence shortly setting out the process for making a claim in order to receive a distribution for amounts owed. As part of the process of agreeing client money entitlements we shall shortly notify a “last date for proving”, although would seek to make interim payments to holders of agreed claims before this date insofar as this is possible.
To the extent that it is not possible to reclaim money, it may be possible to make a claim under the Financial Services Compensation Scheme (‘FSCS’). FSCS is a compensation fund of last resort for customers of authorised financial services firms who become insolvent (such as the Company). For eligible investment claims where the consumer suffers a loss, FSCS can pay up to £50,000 in compensation per person, per authorised firm. If claims are paid by FSCS, it will then assume those client positions against the Company. The Joint Special Administrators are working with the FSCS to agree a process that will enable clients to establish a claim for loss. FSCS will publish an update on its website detailing the process for settling potential claims in due course.
The Joint Special Administrators’ proposals, providing an update on the progress of the Special Administration and the strategy going forward, will be sent to creditors and clients of the Company within the next 8 weeks.
Please monitor the Joint Special Administrators’ website for further updates which will be provided as information becomes available.
Yours faithfully
for Alpari (UK) Limited
Scott Rubin
For the Joint Special Administrators[/I][/B]
It doesn’t give much answer, but it is understandable that they have a LOT to organize and it will take take time.
Just remember bro, administrators don’t care for clients, they’re appointed to recover creditors debt. Number 1 and sole proprietary. I do feel for you lads caught up in this mess and hope you get a speedy resolution.
It has been a few mindcrushing days over the weekend and in the begining of this week after they shut down and went into insolvency.
But, on the other hand…after a few days of thinking I got to the point where I told myself that I stated very clearly to myself the day I laid money on the table that it is a risky business and that I could loose all the money.
NOT the way I thought I would loose money…no trades at the table…yet all the funds are gone.
When I say gone I mean that for as long as they aren’t for me to access they are out of bussiness.
I don’t ecxpect to get anything back, if I do it’s kind of a bonus…
I signed up with a new broker, established some capital again and got back into trading.
This is a part of trading, unexcpected things happens and you get beat to the ground.
I accepted that when I started trading, and I still do.
I am actually suprised that there is so few (more or less none as I’ve noticed) that yell’s up about scam and fraud and cry unstopable…well…get the pic?
It seems like the majority of traders…at least in this community have understand what happen, deals with it and moves on.
I have moved on, and I will monitor the prossess of getting my funds back as a “side job”.
So should others do to…
As Les Brown says: thats life, get over it and get moving!
Well the are appointed by the court in this case and the clients would also be creditors.
They would care just as much about the clients as any other creditor.
Hello!
I lost a few pennies with Alpari and I agree, it’s the risk we take and I hope that this will never happen again.
But, now I have the problem of choosing a new Broker.
I am looking for FSA approved, (I’m living in UK), but even then, I find a good one and then find sites that say that that are a scam.
To Be Honest, I am now more scared of setting up a new account than I ever was in making a trade.
Please help point me in the right direction…
Thank you.
.ga.
Alpari (UK) Limited (in special administration)
completes sale of client data to ETX Capital
http://www.ft.com/intl/cms/s/0/e8e17e8a-d3ae-11e4-99bd-00144feab7de.html#axzz3VWFbwkQ2
I was with alpari and now im with activtrades who have negative balance protection and so far its been great.