The fact that Alpari UK, a well-known forex broker and was licensed by UK FCA has gone into bankruptcy must have made clients wonder what to do. Have all the deposits gone? Is it possible to retrieve any of it? Here are some answers to your questions.

The elimination of CHF 1.2 peg against Euro by the Swiss National Bank (SNB) last week has shocked forex industry up to bankruptcy. Two minor forex brokers from New Zealand has announced total loss and closed shop, and Alpari UK soon followed suit by pushed into declaring insolvency by UK FCA.

Alpari Bankruptcy FAQ

The fact that Alpari UK that is a part of the well-known forex broker Alpari and was licensed by UK FCA has gone into bankruptcy must have made clients wonder what to do. Have all the deposits gone? Is it possible to retrieve any of it? Here is some answer to your questions.

 

I am a Client of Alpari Indonesia (Or other non-UK Alpari), will Alpari UK bankruptcy influence my account?

Alpari label is used by companies that although all of them used Alpari brand name, but they are all under separate management. Therefore, the Alpari UK that has suffered bankruptcy here is under different management with any other Alparis. Alpari UK bankruptcy affects only clients of Alpari UK and its subsidiary/IB/White Label.

 

I am a client of Alpari UK or a subsidiary/IB/White Label of Alpari UK, why I can't withdraw my money now? is it gone?

Alpari UK now is under the Special Administration Regime according to the UK law. In this case, UK Financial Conduct Authority (FCA) has appointed Richard Heis, Samantha Bewick, and Mark Firmin, from Audit company KPMG LLP to assess the client money position of Alpari as part of their work; is there any client's money missing, and can they return client's funds. As soon as the audit is done, they will notify Alpari UK clients to explain the actual circumstances and explain withdrawal procedures (if the funds are available). UK FCA has stated that the administrators will do their best to return clients' funds as much and as soon as possible.

 

How long do I have to wait?

The FCA-appointed administrators from KPMG will try to notify clients in the next eight (8) weeks.

 

If it turns out I cannot get my money back, is there any compensation?

According to individual circumstances, clients may claim compensation from the Financial Services Compensation Scheme (FSCS) that could grant compensation up to 50,000 Pound per person. FSCS site mentioned that claims by UK citizens that do not reside in the UK is payable. Clients can claim as long as the funds are stored in authorized UK banks and or its branches in EEA, besides of fulfilling the required terms and conditions. However, FSCS has not mentioned anything about non-UK citizen yet, so if you are an Alpari UK client but holds non-UK citizenship, the possibility for compensation is more uncertain. If you want to know more about this, you can check the FSCS website or wait for further notifications from the administrators.

 

Who can I contact for updates?

To know the most recent update and next notifications, you can visit KPMG site at alpari or by contacting the administrators via email or hotline 0333 202 1397.

We are sorry for Alpari UK insolvency and wish for clarity for all parties involved. May all of client's funds can be returned in full. And if you are a client of Alpari UK, do not give up, because no success can be attained without failure. Apart from that, there are still a large number of forex brokers unaffected by the Swiss Bomb. Take more careful approach next time, and try again.