On 19 January 2015 Alpari (UK) Limited (Alpari) formally entered into Special Administration Regime insolvency proceedings.
FAQs
1. What is the Special Administration Regime (SAR)?
The SAR, introduced by the 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.
2. Why did Alpari (UK) Limited enter the SAR?
On 19 January 2015 Alpari (UK) Limited (Alpari) formally entered into the SAR.
Having reached an assessment that the firm was no longer solvent, the firm made an application to Court to formally initiate insolvency proceedings under the SAR.
3. Who are the special administrators?
Richard Heis, Samantha Bewick and Mark Firmin of KPMG LLP have been appointed joint special administrators.
Please visit their website[1] for further information.
For all queries, please contact:
[email protected] or call the KPMG hotline on 0333 202 1397
4. 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.
5. How many customers are affected?
Alpari has more than 100,000 customers. The special administrators will get in touch with affected customers in due course.
KPMG’s website[1] will be the relevant source of information on the progress that is being made by them on this.
6. Will I get my money back?
The special administrators will return as much client money to clients as possible, as quickly as possible.
7. 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).
8. Who should I contact to find out more?
You should contact the special administrators to understand more about how this situation might affect you personally. Please visit KPMG’s website[2] for further information.
For all queries, please contact:
[email protected] or call the KPMG hotline on 0333 202 1397