Clients of Alpari UK Receiving Compensation Affected by Fees

Following the beginning of the repayment process to clients of Alpari UK by the U.K. Financial Services Compensation Scheme (FSCS), the special administrator appointed to manage the bankruptcy of the broker, KPMG, has received a number of complaints from customers unhappy with the gap between their claims and the actual amounts awarded as compensation.

A communique issued by KPMG has shed light on matters some customers of Alpari UK might be experiencing. Due to the bankruptcy laws under which the procedure is being carried out, all of the accounts automatically pooled into the Client Money Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term pool are being transferred into U.S. dollars.

As a result, some of the broker's former clients have received different amounts to those agreed upon after confirming their claim to the client money pool.

The law under which the client money pool is managed requires that the Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term rate of the money transfers corresponds to the spot exchange rate of 02:45 PM GMT on January 19th, 2015.

Since a number of clients have assigned their claims to be repaid into their bank accounts denominated in a different currency, they are being additionally charged by their respective banks.

The U.K. FSCS has decided that all claims are to be repaid in U.S. dollars in order to simplify the process, however, when a bank transfer is received by a client in a different currency from that of the destination account, additional fees are charged.