Up to 400 former customers of failed derivatives broker Global Trade Europe (GTE) are set for compensation payouts.
The Financial Services Compensation Scheme (FSCS) says it is in discussions with the firm's liquidators to assess the value of potential payouts to affected customers, adding it has already received 85 claims against the company. Under FSCS rules, payouts can not exceed £48,000. GTE was placed in administration in February last year after an unnamed client sustained heavy losses. It does not have the money to pay claims against it. The firm's principal business was the provision of Contracts for Difference and spread trading services to clients. The liquidators believe some 400 inv...
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