Clients of troubled spreadbetting firm Worldspreads have moved a step closer to getting funds back through the Financial Services Compensation Scheme (FSCS) after administrators KPMG began sending out final statements.
Worldspreads was placed into the special administration regime by the FSA last month after the discovery of accounting irregularities and a shortfall in client monies of about £13m.
Clients will now be able to review the details of their account and confirm whether they are correct or whether they disagree with the statement, KPMG said.
Jane Moriarty, special administrator of Worldspreads and restructuring partner at KPMG, said: "While the sudden collapse of Worldspreads has understandably caused a great deal of distress for the company's clients, the issuing of all final client statements today is an important milestone in returning funds to clients.
"We will now be able to start agreeing the statements with clients. The next stage in the process will be the creditors' meeting which will be held within the next eight weeks, in line with our statutory responsibilities."
The FSCS said it would "shortly" outline the process it will use in paying out compensation, adding clients did not need to contact the organisation.
It added: "FSCS will only use agreed balances to determine compensation amounts, and will work with the joint special administrators to obtain this information as quickly as possible."
Due to leave 31 May
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