We have received official word from the administrators. We will be releasing a statement soon in regards to client funds and what we need to return funds to clients, we will be putting the details on the Worldspreads website.
I read in the Irish Times that a client is only covered by the compensation scheme if the bet was placed in the UK?.Is this right?,if a client placed the bet while on holiday in spain is he covered?
"As the average client is owed about £2,000, it is likely that most, if not all, qualify for the scheme. The scheme requires that, in order to be covered, clients’ trades have to take place in the UK. As a result, KPMG could not give a definitive answer yesterday on the position of customers outside that jurisdiction."
Just talked to helpline and they say that it does not make any difference if you are outside the UK. Your claim will be treated the same as if you were a UK resident.
Did you phone KPMG or the compensation scheme.KPMG will treat all our claims the same as we are all creditors but the scheme is different from KPMG, with its own rules.
http://www.irishtimes.com/newspaper/finance/2012/0323/1224313765941.html link to article. interesting it says that Marketspreads has delayed in filing its accounts with the companies’ registrar. The hold-up is tied to a dispute with Worldspreads over a €1.65 million payment due this year for the purchase of the business. Would this payment rank before client funds?
Market Spreads resolves €1.5m row with former group company By Samantha McCaughren Business Correspondent
A row between Irish financial spread betting firm MarketSpreads and AIM listed WorldSpreads over a deferred payment due from the Irish operation has been settled, The Sunday Business Post has learned.
The 1.5m Euro dispute was over the first payment and that was resolved.The 1.65M is a later payment due Dec 11 which is not resolved and now needs to be pursued by KPMG.
A receiver has been appointed to the Irish-based financial spread betting company WorldSpreads Group , following the appointment of administrators to its main business last week.
I read in the Irish Times that a client is only covered by the compensation scheme if the bet was placed in the UK?.Is this right?,if a client placed the bet while on holiday in spain is he covered?
ReplyDeleteDoes that mean Irish clients are covered or not?
ReplyDeleteThis cannot be right, as Worldspreads and others also point out on their local branches sites that the funds are covered by FSCS.
ReplyDeleteSee for example the Intertrader (white label of London Capital Group) website in Germany:
ReplyDeletehttp://www.intertrader.de/about_us/safety.html
I have read this article online.It is very worrying.
ReplyDelete"As the average client is owed about £2,000, it is likely that most, if not all, qualify for the scheme. The scheme requires that, in order to be covered, clients’ trades have to take place in the UK. As a result, KPMG could not give a definitive answer yesterday on the position of customers outside that jurisdiction."
ReplyDeleteFrom the Irish Times website today.
Just talked to helpline and they say that it does not make any difference if you are outside the UK. Your claim will be treated the same as if you were a UK resident.
ReplyDeleteDid you phone KPMG or the compensation scheme.KPMG will treat all our claims the same as we are all creditors but the scheme is different from KPMG, with its own rules.
ReplyDeletehttp://www.irishtimes.com/newspaper/finance/2012/0323/1224313765941.html link to article. interesting it says that Marketspreads has delayed in filing its accounts with the companies’ registrar. The hold-up is tied to a dispute with Worldspreads over a €1.65 million payment due this year for the purchase of the business. Would this payment rank before client funds?
ReplyDeleteThe 1.65million is money owed TO Worldspreads.
ReplyDeleteMarket Spreads resolves €1.5m row with former group company
ReplyDeleteBy Samantha McCaughren Business Correspondent
A row between Irish financial spread betting firm MarketSpreads and AIM listed WorldSpreads over a deferred payment due from the Irish operation has been settled, The Sunday Business Post has learned.
The 1.5m Euro dispute was over the first payment and that was resolved.The 1.65M is a later payment due Dec 11 which is not resolved and now needs to be pursued by KPMG.
ReplyDeleteA receiver has been appointed to the Irish-based financial spread betting company WorldSpreads Group , following the appointment of administrators to its main business last week.
ReplyDeleteRTE business news
So are the Irish investors creditors of the Irish business that has just appointed "receivers" and not the UK business?
ReplyDelete