What happened to Echelon Wealth management?
Discussion
Dr Jekyll said:
There website and answering machine just says 'trading suspended'. Does this mean everyone having an account with them has lost their money?
It would depend on several factors. What the account was (ie physical stock or CFDs) and whether you were seg or non-seg on funds.Then, it depends how much a client held over the amount guaranteed by the FCS, which was 100% of the first £30K and then 90% of the next £20K, so about £48k
many thanks for the person that has set this blog up. I cannot get hold of anyone at Echelon. If it has gone into liquidation then I think that as a spread better I do not have a leg to stand on in terms of getting my money back. Accoring to my terms of contract the funds that I have a re non-segregated and therefore not guaranteed by the FSA. I think I have just lost two grand.. if anyone knows differently and I have gotten my facts wrong then please let me know.
All,
Just to let you know that I have spoken to the FSA and they have confirmed that Echelon is going through liquidation and KPMG are managing the administration of this. There is a team of people who are managing this within KPMG, the manager is Victoria Hanlon. I have left her my number and she wil call me back in the next day with an update on my rights as a customer etc. For those who want to contact them to find out for yourselves the number is 0131 222 2000
Just to let you know that I have spoken to the FSA and they have confirmed that Echelon is going through liquidation and KPMG are managing the administration of this. There is a team of people who are managing this within KPMG, the manager is Victoria Hanlon. I have left her my number and she wil call me back in the next day with an update on my rights as a customer etc. For those who want to contact them to find out for yourselves the number is 0131 222 2000
I have just spoken with KPMG, who could give me no information as to why Echelon have gone into liquidation or if I will get my money back. I only opened a spread betting account last week and it looks like i have lost the best part of £1500. KPMG have advised that they will be sending a letter to creditors at the end of this week. Does anyone know if as a spreadbetter we are entitled to 100% of our money back under the rules of the FSA? Help!!!
why Echelon is dead ? my personal opinion is that they were very very bad at managing margin calls for cfd's and if you look at the markets recently... i believe many clients went bankrupt and obviously Echelon did the same. Now i imagine a lot of clients owe money to Echelon. As i said, just a personnal view. Still have a couple of thousands £ over there
Good luck. Spreadbetting is hard enough as it is without this sort of s
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