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Dear Client,
This email contains an important update regarding the Alpari (UK) Limited (in special administration) (the "Company") Claims Portal.
You have already used the Claims Portal to agree your Client Money Entitlement and your Contractual Claim Amount with the Company and the Joint Special Administrators in accordance with the "Client Claim Summary" page of the Claims Portal and pursuant to the Terms and Conditions of Settlement of Claims. You have previously received an email confirming this.
This email explains two changes to the Claims Portal process which have been made since you agreed your claims. These changes mean that:
- in order to apply for compensation from the FSCS and assign your claims against the Company arising out of your Client Agreement to the FSCS, you must log back in to the Claims Portal and assign your claims directly through the Claims Portal; and
- if you have an activated account with ETX Capital, you can direct the Joint Special Administrators or the FSCS to make payments into that account.
You will also be asked to confirm bank account details if you are not instructing the Joint Special Administrators or the FSCS to direct payments to ETX Capital.
CHANGES TO THE CLAIMS PORTAL – FSCS COMPENSATION AND ASSIGNMENT
As you may be aware, the FSCS is the compensation fund of last resort for customers of financial services firms authorised in the United Kingdom. It protects consumers if an authorised firm, like the Company, becomes insolvent and cannot return money or investments to its customers.
For eligible claims, the FSCS can pay up to £50,000 in compensation per person. In exchange for this payment, you must assign your claims against the Company arising out of your Client Agreement to the FSCS.
Clients who wish to apply for compensation and assign their claims to the FSCS must now do so directly through the Claims Portal. The Claims Portal previously asked you to indicate whether you intended to make a claim on the FSCS. If you indicated that you intended to apply to the FSCS by clicking "Yes", this did not automatically assign your claims to the FSCS.
To apply to the FSCS you now need to log back in to the Claims Portal and select the appropriate option when you are asked to choose whether to apply for compensation from the FSCS and assign your claims to the FSCS or to retain your claim against the Company. Note that if you choose to seek compensation and assign your claims to the FSCS, you are entering a legally binding agreement with the FSCS and you will no longer be able to pursue your claims against the Company yourself.
If you apply for compensation from the FSCS, you should note that the FSCS will only make payments to you in accordance with its rules and if the value of your claims have first been agreed in full by the Joint Special Administrators. This means that to apply to the FSCS you still must agree the amount of these claims with the Joint Special Administrators.
If you do not wish to claim compensation and assign your claims arising out of your Client Agreement to the FSCS, you will be entitled to receive directly any distributions which may be made from the Client Money Pool in respect of your Client Money Entitlement and any distributions which may be made from the general estate in respect of your Contractual Claim Amount. The Joint Special Administrators have not currently declared any distributions; it may take some time for any to be made; and you may not receive distributions for the full amount of your Client Money Entitlement or Contractual Claim Amount. Seeking compensation from the FSCS is likely to result in you receiving your money more quickly than by retaining your claim against the Company.
If you would like more information about the FSCS, you should visit their website at http://www.fscs.org.uk.
CHANGES TO THE CLAIMS PORTAL – PAYMENT OF DISTRIBUTIONS OR FSCS COMPENSATION TO AN ETX CAPITAL ACCOUNT
An agreement has been reached for the sale of client data to ETX Capital (“ETX”). ETX has contacted, or will shortly be contacting, clients and offering them the opportunity to open an account. If you decide to open an account with ETX, you can request that any payments in relation to your claims against the Company (“Distributions or Payments”) be made to ETX for the benefit of your account. This applies to payments which are distributions due to you from the Company or compensation payments payable to you by the FSCS.
The Claims Portal now allows you to instruct the Joint Special Administrators or the FSCS, as appropriate, to make Distributions or Payments to ETX. To be able to do this, you will first need to confirm that you are a client of ETX and have activated your ETX account.
To receive Distributions or Payments to an ETX account you now need to log back in to the Claims Portal and select the appropriate option when you are asked to choose whether to have Distributions or Payments made to an ETX account.
You do not have to receive Distributions or Payments to an ETX account if you would prefer not to. You are also able to amend your instructions for any future Distributions or Payments by contacting the Joint Special Administrators by emailing alpariukclaims@kpmg.co.uk.
You must have agreed the amount of your claims with the Joint Special Administrators through the Claims Portal before you will be able to receive any Distributions or Payments to your ETX account.
You will be asked to confirm bank account details if you are not instructing the Joint Special Administrators or the FSCS to direct Distributions or Payments to ETX Capital. If you apply for compensation from the FSCS, these bank account details will be passed to the FSCS for the purposes of making the compensation payment to you. The Joint Special Administrators understand that the FSCS will be making compensation payments by bank transfer in United States dollars.
WHAT YOU NEED TO DO NOW
You can now log back in to the Claims Portal at https://www.alpariadministration.com and select whether to:
- Apply for compensation and assign your claims to the FSCS or retain your claims against the Company. If you wish to apply for compensation and assign your claims, you must do so through the Claims Portal.
- Receive Distributions or Payments to your ETX account.
FURTHER INFORMATION
If you do not understand any of the information in this email, if you have any questions, or if you think you have received this email in error, you can contact the Joint Special Administrators by emailing alpariukclaims@kpmg.co.uk.
Frequently asked questions and answers, including those which relate to the Claims Portal, are available on the Joint Special Administrators' website at http://www.kpmg.com/uk/alpari.
While every reasonable effort is made to ensure that the information provided in this email concerning the Company and the Joint Special Administrators is accurate, no guarantees for the accuracy of the information are made. This information in this email is provided ‘as is’. It is provided without any representation or endorsement made and without warranty of any kind, whether express or implied.
Please be aware that the Company, the Joint Special Administrators and KPMG LLP, hereby exclude all liability for any claim, loss, demands or damages of any kind whatsoever (whether such claims, loss, demands or damages were foreseeable, known or otherwise) arising out of or in connection with the use of this email or the information, content or materials included in this email, including without limitation, indirect or consequential loss or damage, loss of actual or anticipated profits, loss of revenue, loss of business, loss of opportunity, loss of anticipated savings, loss of goodwill or loss of reputation. Nothing in this disclaimer excludes or limits the Company's, the Joint Special Administrators' or KPMG LLP's liability for fraud or fraudulent misrepresentation or any liability which may not be limited or excluded by law.
In accordance with Rule 296 of the Investment Bank Special Administration (England and Wales) Rules 2011, you may request a hard copy of this email and any attachments by emailing alpariukclaims@kpmg.co.uk, by request to the following address: Alpari (UK) Limited (in special administration), 15 Canada Square, London, E14 5GL.
Please note that all correspondence from the Joint Special Administrators will be in English, as per clause 23.5 of the Alpari (UK) Limited Client Agreement.
This email, and any dispute or claim arising out of or in connection with it or its subject matter (including related non-contractual disputes or claims), shall be governed by and construed in accordance with the law of England.
Kind regards
For Alpari (UK) Limited
Richard Heis
Joint Special Administrator
Mark Granville Firmin, Richard Heis and Samantha Rae Bewick were appointed as Joint Special Administrators of Alpari (UK) Limited on 19 January 2015.
The affairs, business and property of Alpari (UK) Limited are being managed by the Joint Special Administrators who contract as agents of Alpari (UK) Limited without personal liability.
Mark Granville Firmin, Richard Heis and Samantha Rae Bewick are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales.
Alpari (UK) Limited is authorised and regulated by the Financial Conduct Authority. FCA reference number 448002. Registered in England No. 05284142. Registered Office: 15 Canada Square, London, E14 5GL.
