Alpari (UK) Limited is authorised and regulated by the Financial Conduct Authority (FCA).
For more details please visit the FCA website, using Alpari UK's company reference number: 448002, or company name: Alpari (UK) Ltd.
About the FCA
The FCA is one of two independent bodies that regulate the financial services industry in the United Kingdom. Alpari UK is solely regulated by the FCA in respect of its conduct and prudential obligations.
The FCA has been the regulator for financial services in the UK since 1 April 2013, when it was given statutory powers by the Financial Services Act 2012 replacing the jurisdiction of the previous single regulator, the Financial Services Authority.
All companies regulated by the FCA are obliged to meet strict financial standards including capital adequacy requirements. Companies are required to submit financial reports to the regulator on a regular basis. The FCA has the right to fine companies and/or terminate a company's regulatory status for violations.
The regulations require that our company:
- Maintains sufficient liquid capital in excess of the amount required to cover all client deposits, potential fluctuations in the company's currency positions and outstanding expenses.
- Does not include any debt outstanding to the company as part of this capital
- Undergoes a detailed annual audit performed by an independent financial auditor
Furthermore, Alpari UK only holds deposits with reputable financial institutions. Currently the client funds are held in Barclays, Bank of America Merrill Lynch and Royal Bank of Canada, three of the world's top-tier banks. In addition to these, company funds are also held in Morgan Stanley.
Our annual financial reports are audited by a leading UK financial auditor Grant Thornton.
Segregation of retail clients' funds
Under FCA client money rules, Alpari UK is required to segregate all retail client funds from our own funds. This means that we must take steps to ensure that the clients’ money is held in a separate account away from any accounts used to hold money belonging to the firm. The purpose of this separation is to prevent the use of client money by the firm for its own account at all times.
What is the Financial Services Compensation Scheme?
The Financial Services Compensation Scheme (FSCS) is the UK's statutory compensator of last resort for customers of financial services companies.
In the unlikely event that Alpari UK is unable to meet its financial obligations, you can submit a claim to the FSCS. This scheme protects up to GBP50,000 per person.
The FSCS also protects the money in our segregated retail accounts. If a bank holding the funds you have deposited with Alpari UK goes into liquidation you will be able to claim up to GBP85,000 per person and per institution.
Who can make a claim from FSCS (what is an eligible claimant)?
To be eligible for compensation you must have lost money because of your dealings with a regulated financial services firm. FSCS can pay compensation only for financial loss.
The FSCS rules which are made for them by the Financial Conduct Authority (FCA) tell the FSCS which types of claim qualify for compensation, and limit how much compensation they are allowed to pay.
Different rules and limits apply to different types of claims. The rules for FSCS form part of the FCA’s handbook. This is available on their website at fca.org.uk.
When will FSCS become relevant?
If you have a claim against a firm that has stopped trading and you have tried to contact the firm (or its owners) to see if they can pay your claim and the company is unable to pay itself, the FSCS may then be able to help you.
If you have a claim or complaint against an authorised firm that is still in business, you should contact that firm directly. If your complaint is not resolved, you can contact the Financial Ombudsman Service (FOS).
What is the difference between the FSCS and the FOS?
The FSCS considers claims from consumers against firms that are no longer trading if the firm (or its owners) does not have sufficient assets to pay claims itself. The FOS considers complaints about firms that are still trading if the consumer and the firm cannot reach agreement.