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  • FIRST POST
    • n1c9f6c6
    • By n1c9f6c6 2nd Oct 19, 10:49 AM
    • 3Posts
    • 0Thanks
    n1c9f6c6
    Supercapital Administration
    • #1
    • 2nd Oct 19, 10:49 AM
    Supercapital Administration 2nd Oct 19 at 10:49 AM
    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.
Page 1
    • Moneyineptitude
    • By Moneyineptitude 2nd Oct 19, 11:16 AM
    • 24,900 Posts
    • 14,416 Thanks
    Moneyineptitude
    • #2
    • 2nd Oct 19, 11:16 AM
    • #2
    • 2nd Oct 19, 11:16 AM
    Apologies if I've posted this in the wrong thread.
    Originally posted by n1c9f6c6
    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_squirrell
    • By The_squirrell 4th Oct 19, 12:29 PM
    • 173 Posts
    • 317 Thanks
    The_squirrell
    • #3
    • 4th Oct 19, 12:29 PM
    • #3
    • 4th Oct 19, 12:29 PM
    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!!
    • markwok
    • By markwok 11th Oct 19, 11:15 PM
    • 1 Posts
    • 0 Thanks
    markwok
    • #4
    • 11th Oct 19, 11:15 PM
    Supercapital
    • #4
    • 11th Oct 19, 11:15 PM
    Hello, am in the middle of a Spanish purchase, but I had even more money changed via manga.
    Have you heard anything further, I canít find any clues about the timescale here.
    Manga said they could see my money was still safe but itís hard to know if that is accurate.
    Mark
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