Baker Tilly, the professional services consultancy that was appointed to conduct the Special Administration procedure on behalf of insolvent FX company LQD Markets has issued an update to clients, dated February 25, which invites clients to provide details of the amount of money that they are owed, along with supporting documentation such as a copy of the most recent statement, via email.
The email address to send this information to is [email protected]
Reiterating that clients are still currently unable to withdraw their funds due to the cessation of trading of LQD Markets and resultant restrictions having been imposed by the Financial Conduct Authority (FCA) to protect client monies. The FCA had previously reported that there may be client funds missing.
Baker Tilly further states that it is likely that there will be a deficit in client funds, and that the reconciliation process that is currently being carried out will identify in due course the full extent of such a deficit.
According to Baker Tilly, clients of LQD Markets, which became insolvent and ceased operations following the extreme market volatility which took place on January 15 this year, may be eligible to claim for the deficit on their account through the Financial Services Compensation Scheme (FSCS), however this is only possible after the Special Administrators have completed their reconciliation.
For the official letter to clients from Baker Tilly, click here.