Premier FX, the foreign exchange specialist with a branch in Almancil, closed down last Friday, leaving many customers unable to access their funds.
Shortly before the announcement was posted on the PremierFX website, individual account balances were shown as zero, staff were fired, offices closed, phones and emails were left unanswered.
The despair triggered last weekend by the vanishing act of a “respected” foreign exchange company has developed into a steely determination by clients to get their money back, writes Natasha Donn from The Portugal Resident.
Today (Thursday) the Facebook page “Victims of Premier FX” was launched, as well as the group of the same name.
While trade in the pound remained thin on Wednesday in the run up to today’s Bank of England (BoE) rate decision, it still saw some notable movement against the US dollar in the wake of the Federal Reserve’s policy meeting.
Meanwhile Sterling remains largely static this morning, with GBP/EUR flat at €1.1246, GBP/CAD subdued at C$1.7035, while GBP/AUD and GBP/NZD hold steady at to AU$1.7728 and NZ$1.9325 respectively, Only GBP/USD appears to be bucking this trend so far as it tumbles 0.4% to $1.3082.
Looking ahead, the pound could see some significant volatility today as the BoE is expected to deliver a long-awaited rate hike.
The pound remained fairly stable against its peers on Friday, only really gaining against the US dollar as markets reacted to the latest US GDP figures.
Sterling starts today on a strong footing, with GBP/EUR rising to €1.1251 and GBP/CAD ticking up to C$1.7137, while GBP/USD is trading at $1.3116 and GBP/AUD and GBP/NZD are both holding steady at AU$1.7727 and NZ$1.9275 respectively.
Looking ahead the euro may start the week in a position of strength as economists forecast Germany will print some robust inflation figures later today.
Premier FX Limited (‘PFX’) : Following the death of the founder of PremierFX and sole director, Peter Rexstrew, in June of this year, the new directors have become concerned about the cash flow solvency of the company.
It was yet another one of those weeks last week, where Brexit news and President Trump dominated the headlines. It wasn’t good news for Sterling, the UK unit suffering under the spotlight and slumping to the mid 1.11’s against the Euro before gaining slightly to the 1.12 level we start this week at.
But there’s now a lull, as the UK parliament heads off for their summer holidays from Wednesday for six weeks, and the economic data calendar is empty.
I notice that Barclays Bank is running an advertisement on UK TV designed to help people avoid fraud, writes a Dear Reader.
What a shame it never ran a similar ad, here in Portugal, to warn people not to invest in their very own 'Top Selection Vintage Utilities IV' investment scheme.
The proposed Brexit transition period – delaying its full impact until the end of 2020 – potentially gives British expatriates and those wishing to move to Portugal more time to prepare. While this is welcome, this should not be a reason to delay taking action to secure your future here. The clock is still ticking to get ready in time, particularly where paperwork is involved.
The key issue for many people is residence - if you are already living here, will there be any problems with you staying after Brexit? If you are still arranging moving to Portugal, how can you secure residency in time?
