FSCS says clients of LQD Markets are entitled to compensation

There is a good piece of news for the former clients of retail Forex broker Liquid Markets UK (LQD Markets UK), which ceased operations in the aftermath of Black Thursday events.

The Financial Services Compensation Scheme (FSCS) has just announced that it has finished assessing the products on the menu of the broker and that clients who bought investment products from LQD Markets are entitled to compensation under the scheme. Under the UK laws, FSCS can pay compensation to eligible customers up to £50,000 per person for claims against LQD Markets relating to investment business regulated by the Financial Conduct Authority.

fscsThose clients of LQD Markets with cash only balances on all of their accounts must agree their account balances with the administrators from Baker Tilly on the designated microsite.

In the course of the next few weeks, FSCS will be contacting customers who have agreed their account balances and will pay compensation according to those agreed balances.

FSCS adds that if it recovers funds in the LQD Markets special administration, it will make further payments to customers that still have uncompensated losses. We should perhaps mention at this point that the special administrators have identified a client monies deficit of $2.84 million.

Former clients of LQD Markets can find additional information in the special LQD Markets Q&As section on FSCS’ website.

To view the official press release by FSCS, click here.

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