Peter Hart, joint administrator at PKF Geoffrey Martin & Co, has confirmed that the situation at Premier FX is at the bottom end of dire, with the clients’ account at Barclays, pretty much drained.
There are no signs of any funds with which to repay hundreds of loyal Premier FX customers. The joint administrator says he is looking to see if funds are held by third parties but many customers, now at the end of their financial tethers, are not longer holding their breath.
In a letter posted on the Premier FX Victims Facebook page, Hart writes:
"The credit balances currently held by Barclays are minimal
"Barclays were not instructed by the company to hold pre-transaction funds in segregated individual accounts
"We are investigating whether funds are currently held with any third parties
"At this stage there would appear to be a significant shortfall to customers
"As for the Financial Services Compensation Scheme, Premier FX did not carry out a FSCS-Protected business, so FSCS is unable to compensate for any shortfalls in Premier FX customers’ money, however deserving the cases."
One PremierFX victim, posted on Facebook, “Well that's it house down the pan, 22,000 Euro deposit gone and legal fees to pay. Life savings gone, will not be moving to portugal now, our adventure is over before it begun. Close to £300,000 defrauded by the Rextrew's.”
Another customer questions Barclay’s role, “Barclays should know the rules. They knew they were a money exchange company so they should have ensured the account was segregated from other accounts.”
In addition to the shock of the collapse of the business in July, subsequent to the death of founder Peter Rexstrew on June 16th, customers were appalled at the lack of information issued by the company since its closure on July 20th.
Rextrew's children, the two directors of the company appointed after his death, went to ground, as did the former managing director of the business, Nick Jones despite issuing a cheery message that all was well with the business.
Many clients in Portugal already are affected and, unless significant funds are traced by the joint administrators, will be receiving as close to zero as makes no odds.
