Worldspd Share Discussion Threads

[nick2412] 30/10/2013 10:35

A reference in the recent report to 9% return which is an additional 1% more for clients. Return to creditors (including clients) unknown returns due to the uncertainty of the legal action KPMG are taking on behalf of Worldspreads against Ernst & Young.

[nick2412] 30/10/2013 10:34

Third 'progress' report. The lack of action against the directors who dipped into supposedly FSA / FCA segregated client accounts is odd. The only explanation is that FCA regulations / sanctions are meaningless or selective depending on the amount of publicity inaction will generate. Clearly the FSA had an obligation to monitor regulated companies with segregated client funds, I assume action against the directors will expose their own failings hence the absence of any action.

hxxp://www.kpmg.com/UK/en/IssuesAndInsights/ArticlesPublications/Documents/PDF/Advisory/Third_Progress_Report_acc.pdf

[lennonsalive] 23/9/2013 17:38

and the story continues

hxxp://www.irishtimes.com/business/sectors/financial-services/worldspreads-sues-ernst-young-claiming-negligent-auditing-services-1.1377102

[spob] 03/2/2013 18:50

good to know that for accounts up to the limit of 50k that you at least get all of your funds if the firm goes bust

sorry to those who had over this limit with WSPR

this situation creates logistical problems when funds grow well beyond the 50k limit.

500k = 10 accounts to manage :(

[nobbygnome] 03/2/2013 17:48

All positions were valued and closed as of close of business on the day they went under in March last year. So it was done in a fair way although of course you lost all your positions and didn't have the cash to go elsewhere.

Nobby

[spob] 03/2/2013 13:10

How have the FSCS valued open spreadbet positions with Worldspreads. has a specific date been used.

Did clients receive total funds in full from the fscs for accounts under 50K

was a fee charged

[sharesure4] 03/2/2013 12:09

If you were owed under £50k you should definitely let the FSCS handle your claim since they would have given you repayment in full by now, taking on the responsibility to recoup that from Worldspreads whenever that became possible. Where it gets more tricky is if you are owed more than £50k. FSCS will still repay the first £50k much sooner but you will have to wait the Adninistration process while FSCS collects the balance above £50k. That process is becoming long drawn out!

[spob] 03/2/2013 09:51

Regarding Worldspreads clients who held less than £50K here.

I am interested to know how the valuation process was conducted for their accounts with WSPR.


How were open positions on their accounts valued ?

Was a specific date given such as the administration date or share suspension date ?

Did clients with a total account value including open positions under £50K eventually receive their previous total account value in full ?

Were any fees deducted from their compensation settlement cheque ?

[sharesure4] 17/1/2013 11:53

Nobby, Thanks. I have received a cheque calculated on the same basis as yours. I agree that it is taking a long time particularly since the Administrators predicted last May that this would be 'done & dusted' by September/October 2012. There is a danger that they are falling in love with their work (and the 'earn as you go' fees!) - all at our expense. Plus, I have heard nothing about any directors being pursued - there must be someone who is guilty of something if so much of the client fund was missing.

[nobbygnome] 16/1/2013 19:56

It is on top of the £50k. I read on the website that back in November they cleared the way for another 3% dividend to be paid. The amount I received was 3% of the total I was owed (before the £50k was paid) and so I guess that is what you should expect as well some time soon. It has taken over 6 weeks for me to get the cash and clearly even longer for you. To me that is scandalous as I was told it is just down to to resource levels. Meanwhile we suffer for doing absolutely nothing wrong.....

Nobby

[sharesure4] 16/1/2013 09:02

Nobby, is that one cheque in addition to the standard £50,000 compensation they paid out last year or have they paid two dividend cheques? I have only received one dividend cheque so far and could do with the rest being paid!

[nobbygnome] 16/1/2013 07:51

I received another cheque yesterday for about 10% of what I am still owed. The letter accompanying it wasn't entirely clear as to why this part payment was made other than the FSCS has received another dividend from the administrators.

Did anyone else get a payment?

Nobby

[lennonsalive] 06/1/2013 01:02

Had my money, what is happening to the investigation of this company?

[gorvachof] 05/12/2012 11:39

Anybody else had delays to their FSCS claim? I am still waiting, and have now had to resend my application. I note people were recieving cheques back in september.

[nobbygnome] 17/10/2012 09:02

I think we will get 10-15p + 15-18p so somewhere in the region of 25-30p. This is down on the original estimate of 30-35p presumqbly becquse of the excessive fees. It is hardly worth them going after all the money which is owed because it costs more than the amount they retrieve. Madness.......

Nobby

[dope007] 16/10/2012 16:20

Always the way

[miata] 16/10/2012 14:33

Progress report:


Exposed clients expected to get 10-15p in the £.

Administrators' fees £3,204,144.

[taximania] 10/9/2012 22:13

mine didnt ...corrupted file , had to redo by snail

[lennonsalive] 10/9/2012 00:47

mine arrived too

[nobbygnome] 07/9/2012 14:55

Hallelulia! My cheque arrived today. It was about 6 weeks after I agreed my amount for anyone else eagerly awaiting their money.

GLA

Nobby

[0rient] 05/9/2012 11:42

setanta - top guy :-)

The declining share price of WorldSpreads was a big warning sign of troubles behind the scenes before they went bust...virtually all my trading money is with IG now..i always keep an eye on their share price and if i ever see it rapidly declining then i will pull my money out as fast as you can say Jack Flash ;)

[setanta3] 05/9/2012 11:34

Nobby

Fair dues
similar background here.

I have slightly regretted my comments since making them but I will leave them there and I genuinely apologise to any who has suffered hardship becuase of what happened with this co.

I just dont think there is enough debate about the pitfalls of spreadbetting - we all seem to know the advantages but very little is said about the downside.
even after the casulaties have mounted up!