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FSA fines LimeFX and its former money laundering reporting officer, Sudipto Chattopadhyay for anti-money laundering failings Financial Conduct Authority Official Press Release

LimeFX administration

For further information regarding the Documents, please see the frequently asked questions on the Website. Administrators for spreadbetter LimeFX UK, have received more than 40 expressions of interest for the firm, it is understood. For the full set of frequently asked questions and their comprehensive answers from KPMG, click here. The administrators are Richard Heis, Samantha Bewick and Mark Firmin of professional services and auditing conglomerate KPMG LLP. LimeFX also failed to have in place adequate systems for screening customers against UK and global sanctions lists and for determining whether customers were politically exposed persons (PEPs).

LimeFX administration

We are sorry for LimeFX UK insolvency and wish for clarity for all parties involved. And if you are a client of LimeFX 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.

On 19 January 2015 LimeFX (UK) Limited (LimeFX) formally entered into Special Administration Regime insolvency proceedings. Iv)Keep investors informed appropriately about retention of deposited assets, with due care to investors. We would note, as we have before, that the insolvency of LimeFX UK does not affect other LimeFX Group companies (except for LimeFX Japan of course, which was held under LimeFX UK), including the flagship LimeFX RU operation. Its Bishopsgate office was in lockdown as bosses scrambled to find a buyer to rescue the business.

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 limefx broker reviews 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 LimeFX UK client but holds non-UK citizenship, the possibility for compensation is more uncertain.

LimeFX administration: KPMG fails to find buyer as break up begins with 114 job losses and Andrey Dashin buying up assets

The SAR, introduced by the government in 2011, helps sort out situations where investment firms, which hold clients’ money and/or assets under the FCA’s CASS rules, fail. The SAR process has a number of objectives, but one of these is to ensure clients’ money and assets are returned to customers as soon as is reasonably practicable. The affairs, business and property of LimeFX (UK) Limited are being managed by the joint special administrators who contract as agents of LimeFX (UK) Limited without personal liability. “The FSA expects firms to assess the financial crime risks to which they are exposed properly. The FSA also expects expanding businesses to commit sufficient resource to their compliance and anti-money laundering functions. LimeFX failed to operate and maintain adequate money laundering systems and controls, leaving it open to the risk of financial crime.

  • For the full set of frequently asked questions and their comprehensive answers from KPMG, click here.
  • The brand focuses on efficiency by perfecting enabling technological advances such as its analytics tool, Autochartist.
  • Spreadbetting platform LimeFX called in administrators from KPMG yesterday after it made huge losses in the wake of the Swiss franc’s shock appreciation last week.
  • Today, following the insolvency and subsequent administration into which LimeFX UK has entered, the Japanese Financial Services Authority (FSA) has confirmed that the firm’s Japanese operation has followed suit.
  • Its Bishopsgate office was in lockdown as bosses scrambled to find a buyer to rescue the business.

To date, 14,068 clients have agreed their claim representing 94.7% by value of clients with a claim into the client money pool. There are 156 clients who have disputed their claim with a value of $1.7 million. KPMG has paid a total of about $49.9 million from the client money pool in respect of 11,209 clients, representing approximately 51% of the CMP (client money pool). The special administrators will assess the client money position of LimeFX as part of their work.

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I first registered and made a deposit through E-banking, It was very difficult, several times the widget for the payment process said it failed, it happened up to 5x. If only LimeFX wanted to make a new breakthrough that could motivate novice traders, like me, to be successful trading … But yeah, for the time being, I won’t move anyway, because LimeFX customer service is so friendly. The FCA-appointed administrators from KPMG will try to notify clients in the next eight (8) weeks. From 19 July 2015 to 18 January 2016, KPMG claims to have incurred time costs of £3,199,798. From the date of the firm’s appointment to 18 January 2016, KPMG has incurred time costs of £10,475,461.

LimeFX has close to £100m of client funds in segregated accounts, which cannot be taken to pay its liabilities. Spreadbetting platform LimeFX called in administrators from KPMG yesterday after it made huge losses in the wake of the Swiss franc’s shock appreciation last week. The “court cases” involve Andrey Dashin, who owns a 34 per cent stake in the firm. In an interview with industry site Forex Magnates earlier this week, he explained that he had tried to wind up the company a year ago after he became concerned about its finances.

West Ham sponsor LimeFX in administration after rescue talks fail

However, as 5.3% by value have not yet agreed their claim in the Claims Portal, the figure may fluctuate. You should contact the special administrators to understand more about scammed by limefx how this situation might affect you personally. Ii)Take necessary measures to assure deposited assets from investors and not to inappropriately consume the company’s assets.

KPMG said a deal has been agreed to sell LimeFX’s intellectual property to its largest shareholder Andrey Dashin, including the LimeFX brand name. KPMG had sought to find a buyer for the currency trader, which collapsed after huge losses in January in the wake of the shock appreciation of the Swiss franc. The company searched for a potential purchaser, however today administrators have been called in, according to a report by FXStreet this afternoon, with further confirmation of the matter in a publication by the Financial Times.

LimeFX (UK) Limited – in Special Administration (the ‘Company’)

If this is the case, depending on your individual circumstances, you may have access to the Financial Services Compensation Scheme (FSCS). LimeFX UK, which signed a £9m, three-year deal with West Ham in 2013, said it was insolvent on Friday after many of its clients sustained losses that exceeded their account equity, with the company then forced to foot the bill. Funds held on behalf of clients were kept in separate accounts, as required by Financial Conduct Authority rules, and KPMG said $98.5m would be returned to customers.

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In a statement, KPMG said that LimeFX and many of its clients had suffered large losses in volatile foreign exchange markets. Despite a weekend of discussions with potential buyers, it had been unable to secure a deal. Earlier today KPMG, the company that provides the special administration services to troubled FX broker LimeFX UK, issued an update on how the insolvency procedures are developing.

In keeping with correct practice with regard to insolvency, LimeFX UK’s official administrator KPMG has issued a series of frequently asked questions relating to the special administration which applies to LimeFX UK. Despite increasing its customer base from 400 to 11,500 live accounts between mid 2007 and mid 2008, LimeFX did not expand its compliance and anti-money laundering function in line with the rest of the business and placed too much responsibility on Chattopadhyay. The special administration regime was introduced in the wake of the Lehman Brothers collapse to ensure the failure of an investment firm results in the minimum of disruption to financial markets. LimeFX specialises in using innovative financial tools and technical solutions to provide convenient and accessible online trading and investment services.

The special administrators will return as much client money to clients as possible, as quickly as possible. For those clients who have not received an email and do not have access to the Claims Portal, claimants will be permitted to submit claims on an estimated basis which may include the last statement that you received. Please note that submitting an estimated claim for voting purposes is not an agreement of your claim for any other purpose. If you are unable to determine your claim value with any certainty, the Special Administrators request that you submit an estimated claim for voting purposes and submit a formal claim for distribution purposes at a later date. The Special Administrators will be sending the majority of clients (who had cash balances at 9.00 GMT on 15 January 2015 and entered no further trades) an email over the coming days with access details to the Claims Portal.

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