The Financial Services Compensation Scheme (FSCS), the body responsible for tackling compensation claims of clients of insolvent UK financial companies, has earlier today published a small update to former clients of Alpari (UK) Limited.
The main goal of the update is to reassure clients of the ill-fated retail Forex broker that the FSCS continues to work closely with the joint special administrators from KPMG on the release of the funds. At this point, the main task is to align the FSCS’s claims process with that of KPMG. The regulators promise to make an announcement on the matter later in April.
FSCS and KPMG are working to find out the most effective method of processing claims.
“We apologise for the continued uncertainty for clients of Alpari while we finalise the compensation process”, the announcement says.
The client list of Alpari UK was sold to ETX Capital in the end of March 2015, with clients offered to transfer their funds to ETX. However, none of the money has yet been released by either the administrators, or the FSCS. Sudden obstacles continue appearing. For instance, earlier this month, KPMG said it was still not ready with the estimates of Swiss franc trades of Alpari UK clients. The special administrators conceded in their statement that 1,200 have yet to be given access to the Claims Portal.
The text of the latest update by FSCS can be found by clicking here.