KPMG has set a timeline for the return of money and assets belonging to clients of failed broker MFGlobal.
According to the firm’s auditor, those customers with claims against funds in the client money pool or claims against client assets can begin submitting claims from 8 December up until 30 March.
Richard Heis, joint special administrator of MF Global UK, said: “Putting a timeline into place creates an important framework for the return of client assets and client money. This helps to create certainty around the number and size of claims with the intention of allowing a return of a proportion of client funds before 30 March 2012.â€
The auditor explained that the return of the funds is dependent on the return of money from third party institutions and the ability of the administrators to make adequate provision for all claims.
An estimated $1.2 billion worth of client money is believed to have gone missing following the collapse of the broker in October this year.
KPMG said that it hopes to make payments to claimants within 14 days of an agreement on a claim by the administrators.
By Jim Ottewill
According to the firm’s auditor, those customers with claims against funds in the client money pool or claims against client assets can begin submitting claims from 8 December up until 30 March.
Richard Heis, joint special administrator of MF Global UK, said: “Putting a timeline into place creates an important framework for the return of client assets and client money. This helps to create certainty around the number and size of claims with the intention of allowing a return of a proportion of client funds before 30 March 2012.â€
The auditor explained that the return of the funds is dependent on the return of money from third party institutions and the ability of the administrators to make adequate provision for all claims.
An estimated $1.2 billion worth of client money is believed to have gone missing following the collapse of the broker in October this year.
KPMG said that it hopes to make payments to claimants within 14 days of an agreement on a claim by the administrators.
By Jim Ottewill
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