Premier FX collapse - What to do next for customers
The collapse of foreign exchange company Premier FX in the Algarve has caused shockwaves throughout the expat investor community in Portugal, with many customers now confused as to where they go from this point.
The death of founder Peter Rextrew on June 16 appears to have precipitated financial meltdown for the firm and on the 13 August administrators were appointed.
Customers who have their expat regular savings in Portugal tied up with the forex company and anyone who has sent money to the firm, should now provide as much information as possible to the administrators.
The following, wherever possible, should be included:
- Copies of any contract or agreement documents with Premier FX
- Evidence of the total amount of money sent to the company
- A schedule of payments made to Premier FX (including details of the currency and any instructions made to the company in this respect
- Copies of bank statements confirming payments to Premier FX
- Details of the specific Premier FX account or accounts paid into
These details should be sent to:
PKF Geoffrey Martin & Co
1 Westferry Circus
Tel: 0207 495 1100
If you have been affected by the Premier FX collapse, and have been trying to contact the firm, you are advised to now send all correspondence, in writing, to the administrators.
Various investigations are being launched and news reports suggest that the Bank of England and the Financial Ombudsman are already involved alongside the Financial Conduct Authority.
While the inevitable worry and uncertainty that expat investors must be feeling is understandable, at the very least the knowledge that a process of investigation is now underway should hopefully mean that answers, and hopefully financial restitution, will be provided at some time in the future.