It never rains but it pours for Alpari UK customers
Another wonderful story but this time about clients who had positive balances and are being reimbursed
The UK Financial Services Compensation Scheme, which will make up the difference on any shortfall to reimbursements has left some traders short of agreed settlement amounts by converting all the available client funds to USD before allowing the administrators to pay out
That's left people with bank accounts in other currencies losing out on conversion charges and bank fees. To add insult to injury the rate the balances were converted to was somewhere between 1.5024 and 1.5142. As people have just been receiving their money very recently it probably means they got a rate even worse and thus losing out twice
This farce goes from bad to worse and you can read the full announcement from KPMG here
