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F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 11899
Experience:  I have been practising for 30 years.
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Our company had segregated accounts ( if true ) with Premier

Customer Question

Our company had segregated accounts ( if true ) with Premier FX Ltd in Surrey. they have simply close their offices, emptied everything and disappeared. On their website they are not giving any useful informations. The directors are simply silent. Premier FX has many hundreds of clients accounts, and their turnover is estimated at 100 m Pounds. FCA say they can say or do nothing for consumers effected. demand notices are issued.
what can one do, while people simply hold on to have potentially stolen or misappropriated huge amounts of money ! one would thing the Uk Government and FCA have rules and regulations, but after 10 days of not knowing anything and no info in sight, i wonder if its time to go to the press and the police?
Submitted: 6 months ago.
Category: Law
Customer: replied 6 months ago.
The amounts involved are millions of pounds, this is no petty fraud case.
demand notice, with deadline was issued and no response. the Injunction was granted to freeze our company funds ( if still there as no one knows and Barclays bank won't tell anyone anything not even the judge ....deadline was given till Friday this week for the pother party to respond to the injunction court order. my concern is its all to late and too slow. and how can two directors of 22 years and 27 years of age, hold hundred son customers accounts, at ransom, and not be forced to relates or tell the public the situation ?
Customer: replied 6 months ago.
or any authorities. ? the damages here are massive, people losing houses, properties, business going bankrupt etc... all this after the last financial crisis, one would think the government watch dogs, have put in measures to avoids these kind of things happening with FCA regulated companies.... seems not, the consumer is left with huge looses as usual.
Customer: replied 6 months ago.
It is for me unbelievable how barclays is not capable or obligated to do anything in this matter , while the monies ( one hopes ) are still on their bank accounts.,.. ? legally they are not capable or need to do little at all. Amazing after her last banking crisis lessons learnt here.
Customer: replied 6 months ago.

We are a group of effected companies , with over 1 million Pounds accumulated , held at ransom and know nothing at all on whats going on with premier FX Ltd in Surrey. We have contacted their accountants. John XXXXX LLP, they are saying nothing and claim to know nothing as per telephone conversation today.

Expert:  oleksandrav-mod replied 6 months ago.
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Customer: replied 6 months ago.
Ok pls get answers
Expert:  oleksandrav-mod replied 6 months ago.
We will continue to look for a Professional to assist you.
Thank you for your patience,
Expert:  F E Smith replied 6 months ago.

Good morning. I will try to answer your questions but need more info -

Who are Premier FX?

what was the business?

Expert:  F E Smith replied 6 months ago.

Let me just tell you now that there is not going to be a quick fix here.

The company is registered with the FCA to provide payment services although that registration only took effect at the end of May this year.

Investors should be covered by the Financial Services Compensation Scheme but only up to £80,000.

I don’t know whether there is an allegation of fraud here but it could well be that the surviving directors are prosecuted for fraud.

I would be very surprised if this is not already been reported to the Police although it is probably likely to be simply referred to Action Fraud who to be honest, I have no confidence in at all.

I can see no harm in going to the press either.

For some reason, on the FCA register, the company is still shown as being active although the company’s own website simply says that they have closed.

There is already commentary in the press:

and here

on the latter link, there is a firm of accountants who have been appointed to deal with this.

I’m afraid that there is not going to be any magic solution to put you at the front of the queue of unsecured creditors along with all the other investors.

Customer: replied 6 months ago.
To what kind of police does one go with this in the UK ? any special dept or branch ?
Expert:  F E Smith replied 6 months ago.

Just go along in person to the nearest police station although they may just tell you that you will have to report it online to Action Fraud.

The Police don’t seem to be investigating individual fraud cases probably because with the advent of the Internet, there are quite simply so many of them.