WorldSpreads enters special administration

by **Euler** » Mon Mar 19, 2012 9:50 am

Financial spreadbetting firm WorldSpreads has appointed special administrators following the discovery of accounting irregularities.

http://www.bbc.co.uk/news/business-17426707

by **Euler** » Mon Mar 19, 2012 9:51 am

http://www.worldspreads.com/default.html

by **LeTiss 4pm** » Mon Mar 19, 2012 10:22 am

A number of months back, I said the same thing about Betfair, Peter

IMO, if everyone tried to withdraw their BF bank, I suspect there wouldn't be enough money in the pot to cover it

by **superfrank** » Mon Mar 19, 2012 11:17 am

oh poo!

i guess i'll have to contact the administrators.

i've got a decent wad in there.

by **Euler** » Mon Mar 19, 2012 1:00 pm

IG GROUP HOLDINGS PLC
Statement re Worldspreads Limited

IG Group Holdings plc ("IG" or the "Group") notes that Worldspreads Limited ("Worldspreads") has appointed Joint Special Administrators following the identification of a material shortfall in client money.

The Group has no direct financial exposure to Worldspreads. Worldspreads had a UK market share of approximately 3%, compared to the Group's share of 41%, according to the most recently available market research.

IG Group fully segregates all individual client funds, even where regulation permits otherwise and does not utilise client money for its own purposes.

by **Euler** » Mon Mar 19, 2012 1:01 pm

superfrank wrote:oh poo!

i guess i'll have to contact the administrators.

i've got a decent wad in there.

Sorry to hear that, sounds like most of it is still there.

by **superfrank** » Tue Mar 20, 2012 2:01 am

WorldSpreads in fraud inquiry
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9152834/WorldSpreads-in-fraud-inquiry.html

Despite the missing funds, KPMG is hopeful that clients will get all their money back. Clients had on average just £2,000 each on balance with the company, well below the £50,000 automatic protection given under the Financial Services Compensation Scheme (FSCS).

The FSCS, funded by the financial services industry, will be liable for any shortfall after recoveries made by the administrators. At its peak, the Dublin-based company, which listed on Aim in 2007, was worth about £40m. Shareholders are not expected to recover anything.

all this sort of stuff makes me wonder if there is any future for independent traders. Betfair is ruining sports trading with their profits tax and general shenanigans and financial trading is full of sharks. i will continue with both for the foreseeable but will be putting some serious thought into an alternative way to earn a living.

by **andyfuller** » Thu Apr 12, 2012 10:29 am

Just saw this about Market Spreads which used to be part of World Spreads:

http://www.independent.ie/business/stoc ... 78850.html

by **superfrank** » Thu Apr 12, 2012 11:47 am

i think i'm gonna avoid Irish financial firms in the future!

by **PeterLe** » Thu Apr 12, 2012 3:00 pm

Sorry to hear that SF, hope you get it back
As LeTiss mentions above; I now keep the bare minimum in Betfair too..

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