FSCS still checking whether LQD Markets’ clients are eligible for compensation

The case of ill-fated UK Forex broker Liquid Markets, or LQD Markets (UK) Limited, has obviously stagnated, with the latest update by special administrators from Baker Tilly adding to concerns that the clients of the company may have to wait for quite some time to get their money back.

According to a brief note published today, the special administrators say that the Financial Services Compensation Scheme (FSCS) have yet to make a decision on whether the products once offered by the FX broker are covered by the scheme. That is, the FSCS has not yet made up its mind on whether the former clients of LQD Markets are eligible for compensation under the scheme.fscs

FSCS provides protection for up to £50,000 per client deposit.

Liquid Markets was amid the Forex brokers that fell victim to “Black Thursday”. The company appointed administrators from Baker Tilly on February 2, 2015. Soon after that the Financial Conduct Authority said that there were client funds missing in this case and later on the administrators estimated that the deficit on client monies is $2.84 million.

In their latest update, the special administrators say they have submitted all necessary data to the FSCS, with the scheme having the entire information it needs to make its decision.

To download the latest update about LQD Markets, click here.

Read Also: