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Supercapital Administration

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n1c9f6c6n1c9f6c6 Forumite
8 posts
Part of the Furniture Combo Breaker First Post
Apologies if I've posted this in the wrong thread.

I am currently in the process of buying an overseas property using cash from an inheritance. I am using the services of a Currency Exchange Service Provider (Magna Finance) to exchange pounds to euros.

To date I have exchanged just over £250,000 which is sat in a Customer Segregated Account.

I was advised on Monday that the company who are holding my money on behalf of Magna are Supercapital who have now entered Administration. This means I am unable to access my money and the Administrators have requested details to initiate a claim for recovery. As far as I am concerned I was dealing with Magna and they should be responsible for my money but whilst they are offering advice in the form of email templates etc. they do not seem to accept responsibility for the failure of their service partner.

I have two questions:

1) Has anyone been in a similar situation and if so how long did it take to gain access to the money?

2) Is there any benefit to be gained from appointing any legal adviser to support my claim?

I'm told that as long as the money is held in a Client Segregated Account then there should not be a problem to recover this in full but given the situation we are in I am concerned that I could lose money due to the stage in the purchase process we have reached. Given this the timescales for recovery are critical.

If anyone can offer any advice I would be extremely grateful as this is a very stressful and upsetting experience.
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Replies

  • [Deleted User][Deleted User]
    0 posts
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    MoneySaving Newbie
    n1c9f6c6 wrote: »
    Apologies if I've posted this in the wrong thread.
    I'm not sure anywhere on this site is suitable place for your thread, but you could try posting it again here;
    https://forums.moneysavingexpert.com/forumdisplay.php?f=16
  • The_squirrellThe_squirrell Forumite
    224 posts
    100 Posts First Anniversary Photogenic
    ✭✭
    This may be worthwhile reading if you haven't already done so
    https://www.fca.org.uk/news/news-stories/supercapital-ltd-has-entered-administration
    I work in Data Protection and spend my days dealing with CMC's. Only here trying to help!!
  • markwokmarkwok Forumite
    7 posts
    First Post
    Hello, am in the middle of a Spanish purchase, but I had even more money changed via manga.
    Have you heard anything further, I can’t find any clues about the timescale here.
    Manga said they could see my money was still safe but it’s hard to know if that is accurate.
    Mark
  • edited 14 February at 12:06PM
    griffinnemisesgriffinnemises Forumite
    1 posts
    First Post
    MoneySaving Newbie
    edited 14 February at 12:06PM
    HI - I have about £250k tied up in this 
  • jshaw937jshaw937 Forumite
    8 posts
    First Post
    MoneySaving Newbie
    Hi, I am in the same position with Magna and Supercapital. Has anyone been refunded yet?
  • n1c9f6c6n1c9f6c6 Forumite
    8 posts
    Part of the Furniture Combo Breaker First Post
    Only just returned to this thread as I didn’t think there were any replies. I still haven’t had any money refunded and I’m becoming increasingly frustrated and concerned. This has caused me to lose the property I was originally intending to buy. The Administrators tell me that a court hearing is required to confirm the redistribution plan. 

    What annoys me is that I don’t believe Magna made it clear that they used a Third Party. They also claim that money is held in segregated accounts in accordance with PSR but if that’s the case how come we aren’t getting 100% of our money back? I’m planning to take legal advice over what i can do to recover the shortfall but if anyone in the same situation has any other suggestions or information it would be good to hear.
  • jshaw937jshaw937 Forumite
    8 posts
    First Post
    MoneySaving Newbie
    I was also unaware that Magna used a third party. They also told me it was in a segregated account that was 100% safe. I dont understand why it is taking so long to get our money back and what Griffins insolvency are doing about it with how distressing this is and they never update us.
    If you get anywhere can you post it please.
  • markwokmarkwok Forumite
    7 posts
    First Post
    Magnas brochure that I got when signing up does say they use supercapital. Surely the issue is what level of licences supercapital had and if there was a lack of practical protection, neither manga or supercapital made us aware
  • markwokmarkwok Forumite
    7 posts
    First Post
    Anyone got anything from griffins recently
  • markwokmarkwok Forumite
    7 posts
    First Post
    Surely the issue is if supercapital had the right licences offering protection, and if not then why were we not made aware . The brochure I got did say supercapital were involved in the process.
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