A long-awaited update is out today for former clients of ill-fated retail Forex broker Alpari UK Ltd, as joint special administrators from KPMG have just announced the schedule for the first payment.
This information will be of interest to ex-Alpari UK clients who have decided to select KPMG as the institution responsible for their compensation payments. Clients who have selected the Financial Services Compensation Scheme (FSCS) already saw the first tranche of compensation payments.
The Joint Special Administrators will pay 55 cents in the $ (USD).
This first tranche will cover clients who have agreed their client money entitlement and contractual claim on the Claims Portal prior to the last date for proving of 31 May 2015.
These clients will be notified via email by 25 June 2015 confirming that the First Client Money Distribution payment has been made to them.
Who will not receive compensations in the first tranche?
- Clients with a distributable amount of USD 200 or less. This is because of administrative costs.
- Clients who have agreed claims after May 31, 2015.
- Clients whose bank account details cannot be confirmed prior to payment.
- Clients of Alpari UK who have chosen to designate their compensation claims to the FSCS.
KPMG notes that:
For those who are not paid on the first interim distribution date, regular payment runs will be performed after the first interim distribution date to bring those clients who subsequently agree claims to the same cumulative distribution level as other Clients with agreed client money claims.
To view the full text of the update, click here.