Administrator KPMG still not ready with valuation of Swiss Franc trades for Alpari UK clients

Professional services company KPMG has today issued an update to clients who benefited from Client Money Protection, in particular with regard to the access to the Claims Portal for clients of insolvent FX firm Alpari UK for which KPMG was drafted in to conduct the Special Administration of the company.

Whilst a proportion of Alpari UK clients have gained access to the Claims Portal, there are still approximately 1,200 clients which held an open CHF trade on some point on either January 15 or 16, 2015 who have yet to be granted access to the Claims Portal.

KPMG has advised that this will take place when the pricing of the trades has been confirmed, however almost three months have passed since Alpari UK went into administration.

The Joint Special Administrator (JSA), KPMG, has to date invited over 89,000 clients who benefited from Client Money protection to log on to the Claims Portal to view the balances on their accounts, and to either agree, dispute or waive their claims.

The JSAs continue to work towards granting access to the Claims Portal for the remaining clients, which comprise approximately 7,500 with balances and 6,800 without balances.

KPMG states that the main reasons why certain Clients have not yet been granted access to the Claims Portal include withheld accounts which have been withheld due to o insufficiently detailed contact information being held on company systems, uniquely to identify the claimant for the purposes of signing into the Claims Portal, as well as a further small population of clients that have been withheld due to other bespoke issues which have not been specified by KPMG.

KPMG advises that efforts are being made to ensure that all individual clients are contacted as soon as possible. Owing to the complexity of these issues and the number of clients affected, KPMG states that this process may take a number of months.

The JSAs continue to conduct analysis on these trades, and further updates will be provided on the JSAs website as soon as further information becomes available. All those Clients who currently have access to the Claims Portal have been sent an email to the email address which was registered with the Company for trading purposes.

The issue from KPMG, which can be viewed here, contains contact details for customers wishing to establish contact with KPMG regarding this matter.

LeapRate commenced a petition for client monies following the insolvency of Alpari UK, and will endeavor to continue to report this matter in detail.


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