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Alpari UK get kick up the ar**..

Jun 17 2010 at 16:54
24 Posts

I read it all so you don't have to! Essentially over a 2 year period they did not adequately carry-out due diligence with all their customers from high risk nations like Nigeria as a result they failed to meet FSA regulations as a broker and thus;

'Alpari’s failings in the relevant period are viewed as being serious as they exposed Alpari UK to the risk of being used to facilitate financial crime.'

They were fined £200,000 and paid £140,000 a 30% discount for paying early!
Jun 17 2010 at 22:20
56 Posts
Forex trading is risky? Who knew!
pc8multifx (pc8multifx)
Jun 18 2010 at 13:54
879 Posts
Who cares? Among all the market maker mt4 broker they one of the best!
Lion Asset Management (WhyLose)
Jun 18 2010 at 14:01
102 Posts
When it comes to their front-line customer care I always get the feeling that it's the blind being led by the slightly less blind. But I still have an account with them and that speaks volumes. BTW, I'm the latter category.
Time is more valuable than money. You can get more money, but you cannot get more time.
Jun 22 2010 at 19:16
7 Posts
Jun 23 2010 at 15:11
84 Posts

pingman posted:
    Alpari will outlive the FSA

I agree, can you post the article so we don't have to sign up for another web page collecting our details?

When everything else out there is just not good enough, design your own! MIDAS
Jun 24 2010 at 01:26
7 Posts
My Bad!
I read the original article in FT. here is a summary

'The Financial Services Authority (FSA) is to be abolished in a shake-up by Chancellor George Osborne announced less than a week before the emergency Budget.

In a bid to address what he termed the 'spectacular regulatory failure' of the City watchdog, Osborne said he would increase the powers of the Bank of England and added the FSA would 'cease to exist in its current form'.

In his speech at Mansion House, at the Lord Mayor's annual dinner to the City, Osborne paid tribute to former Chancellor Alistair Darling and the job he had done to make up for the failure of the regulatory body.

But he also criticised the current three-party regulatory system: 'No one was controlling levels of debt and when the crunch came, no one knew who was in charge.'

To remedy this, Mervyn King, the governor of the Bank of England will be given a new remit to prevent the build-up of risk in the financial system, with Hector Sants, currently chief executive of the FSA staying on to aid in the transition.

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