Customers of Alpari (UK) Limited (Alpari) can now claim compensation
20th April 2015
The Financial Services Compensation Scheme (FSCS) can confirm that all investment products offered by Alpari (UK) Limited (Alpari) are FSCS protected. Claimants that have lost money due to the failure of Alpari will be able to apply for compensation via the Alpari claims portal once their claims have been agreed with the joint special administrators.
FSCS will process a claim for compensation once it has been submitted via the claims portal. However, if the account is held in joint names, or in the name of a trust or corporate entity, the claimant will be required to complete an FSCS application form.
Payment of compensation.
FSCS expects to start paying claims in May 2015.
FSCS will pay compensation in US dollars. This ensures that compensation payments will be consistent with the distributions to be made by the joint special administrators.
Where a conversion is required from GB pounds, FSCS will convert to US dollars with reference to the Bank of England daily exchange rate of 1.5158 as at 19 January 2015.
The FSCS compensation limit for investment claims is up to £50,000 per person, per firm. The US dollar equivalent of the maximum compensation amount FSCS can pay as at 19 January 2015 was $75,790. FSCS will make payments directly into an eligible claimant’s nominated account.
If we pay compensation, claimants will be required to assign their legal rights in relation to their claim to FSCS. If FSCS recovers funds in the Alpari special administration, we will make further payments to the claimant if uncompensated losses remain.
Further information about the claims and payment process is available in our Alpari Q&As.