ETX Capital reports on first FSCS payment for ex-Alpari UK clients

ETX Capital, the new owner of Alpari UK clients’ list, today updated on the situation regarding compensations for those clients.

The broker said the first Financial Services Compensation Scheme (FSCS) payments were received successfully last month, with all of the relevant clients able to access their funds immediately.

“We are delighted that we have been able to help the first tranche of traders successfully access their funds” said Andrew Edwards, CEO of ETX Capital. “Although we have offered to provide client access to their $ payment in any currency at competitive rates we have seen very few withdrawals, with many clients happily trading on our platforms.”

The company has launched an offer for any customer who has opted in to redirect their funds via ETX up to 30% of their expected balance as an advance until their funds arrive.

Although the first FSCS payment has been made, many still have to wait for the next payment tranche, expected to be in the next few weeks.

“ETX Capital has been one of the payment options on the joint special administrators portal pages and we have been inundated with traders looking to take us up on our offer to convert funds cheaply as well as significant spread rebates on their first months’ trading,” said Edwards. “We feel that we have a lot to offer ex-Alpari clients, and the enthusiastic response that we’ve received suggests that many former Alpari clients feel the same way.”

As reported earlier by LeapRate, FSCS started making payments to former clients of Alpari UK, which is now in special administration, on May 14, 2015, with the first tranche set to have been completed by May 20, 2015. Many were not included in the first tranche and still have to wait. The clients who have not assigned their claims to FSCS and opted for KPMG instead are still expecting to get their money back.

To view the original press release on the matter, click here.

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