Customers of Alpari UK, the retail Forex broker that has just entered administration, can now make use of detailed information on the matter provided by the Financial Conduct Authority (FCA).
Earlier today the UK financial watchdog published a FAQ section, addressed at Alpari UK’s clients many of whom are now puzzled about what to do, whom to call or write, how much to wait and how much money can they take back.
The regulator confirms that Alpari UK has entered administration – the date pointed at is January 18, 2015. The watchdog specifies:
On 18 January 2015 Alpari (UK) Limited (Alpari) formally entered into the SAR.
Special Administration Regime, or SAR, introduced by the government in 2011, helps sort out situations where investment firms, which hold clients’ money and/or assets under the FCA’s CASS rules, fail. The SAR process has a number of objectives, but one of these is to ensure clients’ money and assets are returned to customers as soon as is reasonably practicable.
The FCA estimates that Alpari UK had 100,000 clients, all of whom now will have to count on the actions of the special administrators from KPMG that will seek to return as much of the client funds as possible. These administrators will be contacting everyone affected in due course, the watchdog states.
You can find the detailed information on the matter on FCA’s website.