Over 100,000 Alpari UK Clients to Gain Access To Claims Portal

Friday, 27/02/2015 | 18:24 GMT by Victor Golovtchenko
  • The failed UK broker’s special administrator KPMG will begin accepting claims by customers of Alpari UK in a couple of waves, due to the excessively large numbers of client claims which are likely to arise.
Over 100,000 Alpari UK Clients to Gain Access To Claims Portal
rp_Alpari-logo-300x196-300x1961111.jpg

It’s been more than a month since KPMG was appointed as special administrator of Alpari UK Limited after the company was forced out of business due to outstanding losses in the aftermath of the Swiss National Bank.

While clients of Alpari UK have been getting anxious to know when they will be able to recover their funds, the procedure of liquidating the assets of the brokerage has been ongoing. With interest from other parties in the industry focused on the failed UK broker dissipating, the special administrator announced the next step in the process of recovering client funds.

According to an announcement made by KPMG, the designated Claims Portal for clients of Alpari UK will start operating in a couple of phases. The first phase has already started and is acting as a test run for the first major wave of claims expected.

The testing phase started yesterday with 500 clients being granted access to the Claims Portal. After ensuring that the tool operates normally and that there are no constraints to its capacity, KPMG will open access to the first batch of customers of Alpari UK who will be able to submit their claims to be agreed upon, which will facilitate the payment of their funds by the Financial Services Compensation Scheme.

The special administrator has clarified to Alpari UK's clients that the order in which they submit their claims will have no impact on them recovering their funds.

The total number of claims by clients which KPMG expects to be submitted exceed 100,000.

Following is the Frequently Asked Questions document provided by the special administrator for clients of Alpari UK.

Alpari UK Claims Portal Frequently Asked Questions

rp_Alpari-logo-300x196-300x1961111.jpg

It’s been more than a month since KPMG was appointed as special administrator of Alpari UK Limited after the company was forced out of business due to outstanding losses in the aftermath of the Swiss National Bank.

While clients of Alpari UK have been getting anxious to know when they will be able to recover their funds, the procedure of liquidating the assets of the brokerage has been ongoing. With interest from other parties in the industry focused on the failed UK broker dissipating, the special administrator announced the next step in the process of recovering client funds.

According to an announcement made by KPMG, the designated Claims Portal for clients of Alpari UK will start operating in a couple of phases. The first phase has already started and is acting as a test run for the first major wave of claims expected.

The testing phase started yesterday with 500 clients being granted access to the Claims Portal. After ensuring that the tool operates normally and that there are no constraints to its capacity, KPMG will open access to the first batch of customers of Alpari UK who will be able to submit their claims to be agreed upon, which will facilitate the payment of their funds by the Financial Services Compensation Scheme.

The special administrator has clarified to Alpari UK's clients that the order in which they submit their claims will have no impact on them recovering their funds.

The total number of claims by clients which KPMG expects to be submitted exceed 100,000.

Following is the Frequently Asked Questions document provided by the special administrator for clients of Alpari UK.

Alpari UK Claims Portal Frequently Asked Questions

About the Author: Victor Golovtchenko
Victor Golovtchenko
  • 3424 Articles
  • 27 Followers
Victor Golovtchenko: Key voice in crypto and FX, providing cutting-edge market analysis.

More from the Author

Retail FX