LQD Markets’ administration hits the curb, creditors vote against Baker Tilly’s proposals LeapRate

April 16, 2015 BY Maria Nikolova

LQD Markets' administration hits the curb, creditors vote against Baker Tilly's proposals

The process of special administration of now-defunct UK Forex broker LQD Markets has encountered a somewhat unexpected hurdle, thus raising the chances that former clients of the company could face further delays in getting their money back. The initial meeting of clients and creditors, held on April 10, 2015, saw creditors overwhelmingly reject the proposals…

April 10, 2015 BY Maria Nikolova

FSCS reassures clients of Alpari (UK) that work on claims processing goes on

The Financial Services Compensation Scheme (FSCS), the body responsible for tackling compensation claims of clients of insolvent UK financial companies, has earlier today published a small update to former clients of Alpari (UK) Limited. The main goal of the update is to reassure clients of the ill-fated retail Forex broker that the FSCS continues to…

March 04, 2015 BY Maria Nikolova

FSCS issues update for Alpari (UK) clients on claim agreement process

An update to clients of insolvent retail Forex broker Alpari (UK) Limited appeared earlier today on the Financial Services Compensation Scheme (FSCS) website. The announcement would be of interest to those (former) clients of the broker that decide to make a separate claim for compensation to FSCS. Those clients should explicitly state their intention to…

February 04, 2015 BY Andrew Saks-McLeod

U.S. Bank NA held liable for PFG client fund misappropriation, ordered to pay $18 million in restitution

U.S. Bank NA was used as a depository for the funds of clients who had trading accounts with Peregrine Financial Group before its demise in 2012. In Summer 2013, the CFTC filed a complaint against the bank, charging it with improperly holding and using segregated funds of PFG customers by allowing PFG CEO Russell Wasendorf Sr to withdraw funds at will

February 04, 2015 BY Andrew Saks-McLeod

Are your funds safe when held by online brokerages? SEC cybersecurity exam of 100 broker-dealers reveals high risk

“Our examinations assessed a cross-section of the industry as a way to inform the Commission on the current state of cybersecurity preparedness. We hope that investors and industry participants will also benefit from what we have learned.” - SEC senior executive Andrew Bowden.

October 27, 2014 BY Andrew Saks-McLeod

FOREX MMCIS instigates further anti-crisis measures, cancels withdrawals again

Ailing retail FX firm FOREX-MMCIS has now canceled all withdrawals, signaling the end of the road, whilst shifting the responsibility to unrelated payment aggregator

October 22, 2014 BY Andrew Saks-McLeod

FCA wants money from inactive accounts to go to charity, Alpari agrees

The FCA has put an end to the legality of FX firms retaining unclaimed client money as their own, with Alpari being among the first to act on the new rulings and amend its contract terms to reflect donation of monies in dormant accounts to be donated to charity.

June 10, 2014 BY Mike Fox

FCA finalises rules to improve the protection of client money and custody assets

The Financial Conduct Authority (FCA) has today finalized changes to the client money and custody assets (client assets) rules. These changes affect approximately 1,500 FCA regulated firms that carry out investment business, from the largest investment banks to the smallest investment advisor, who collectively hold over £100bn of client money and £10tn of custody assets.…

March 28, 2014 BY Gerald Segal

CFTC toughens up on handling of client funds – fines Morgan Stanley unit $490,000

Last year, the CFTC approved rules to better protect customers of futures brokers In a stiff ruling and making an example of some sloppiness at the bank, the CFTC penalized Morgan Stanley Smith Barney LLC. The unit, a registered Futures Commission Merchant (FCM) of the bank was fined for violating CFTC rules governing secured funds…

November 26, 2013 BY Gerald Segal

FCA cracks down on SEI for failures with client funds

Failure to comply with Client Money Rules costs the company almost $1.5 million The Financial Conduct Authority has imposed a fine on SEI Investments Europe for breaching its so called Principle 10. The company has not protected the funds of its investors properly and has breached the standard practice of keeping customers' money in segregated…

Tag: client funds