Swiss National Bank’s "Unexpected Policy" Bankrupts Alpari UK

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It seems FXCM aren't the only forex broker suffering unfortunate side effects following the Swiss National Bank's unexpected announcement yesterday. I have a number of accounts with Alpari UK, fortunately in all the circumstances for test purposes only. Whilst I have yet to receive an email from them on this topic, they have posted the following notice on their web site this morning:

Important announcement

Submitted on Fri, 16/01/2015 – 12:00;

The recent move on the Swiss franc caused by the Swiss National Bank’s unexpected policy reversal of capping the Swiss franc against the euro has resulted in exceptional volatility and extreme lack of liquidity. This has resulted in the majority of clients sustaining losses which has exceeded their account equity. Where a client cannot cover this loss, it is passed on to us.  This has forced Alpari (UK) Limited to confirm today, 16/01/15, that it has entered into insolvency. Retail client funds continue to be segregated in accordance with FCA rules.

I suppose I should feel comforted by that final sentence? Or maybe not, if the WorldSpreads saga is anything to go by! I wonder how easy it will be for me to withdraw my funds in this case? If I click the "MyAlpari Login" button on the Alpari UK home page all I see is the announcement shown above.

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Comments on Swiss National Bank’s "Unexpected Policy" Bankrupts Alpari UK Leave a Comment

January 18, 2015
January 19, 2015
January 20, 2015

Andy @ 3:08 pm #

Why the panic guys – you will get your money irrespective what happens; it might take a little while but as the WorldSpreads incident has shown clients are protected by the Financial Services Compensation Scheme up to 50k http://www.financial-spread-betting.com/Segregation-bankrupt.html The scheme has been proven so you just have to be patient; also my understanding it that client funds are safe as Alpari hasn't even 'raided' client funds.

Jon @ 10:19 pm #

^^Can you provide a link to Alpari Japan trouble?

January 21, 2015
January 22, 2015

Jon @ 12:21 am #

Can you confirm that they received your claim? Did they acknowledge that the claim has been received? Is there a claim # you can reference?

But I wouldn't hold your breath. That money appears to be there, but how long will it take to distribute?

Roy @ 7:47 am #

refunding is not priority on kpmg's list,they are simply holding clients as an advantage for bargaining a potential deal and FACT they longer they hold your money the more they get out of it i.e. admin cost etc…right now nobody cares about how long it will take for those clients to get their money back not Kpmg not alpari and as long as money is in the segregated account FCA don't give a damn either.

January 23, 2015
January 26, 2015
April 9, 2015

Daniel @ 2:41 pm #

Hi Jim,

I found this link when I was doing some reserch on the process of the Alpari UK insolvency. I see your last comment was on Jan 26th. What have happens since?

Very interesting to see what actually happens when this sort of events occur. You can learn a lot from the process. I´ll appreciate all info I can get.

Kind regards,
Daniel

July 17, 2015

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