MF Global clients accuse FSA of foot dragging Paul Gleeson, of Arcanum Asset Managment, said: "Since the end of October, I have made numerous attempts to talk to someone at the FSA who can explain to me why cash held in segregated accounts cannot be distributed. I have written twice to Hector Sants [FSA chief executive] without reply. Last month KPMG said it had located all of MF Global UK's money and had so far collected 82pc of clients' segregated-fund assets. However, clients will not receive their money until later this year. Since then, James W Giddens, the trustee liquidating MF Global's US business, said he is seeking the return of more than $600m (£383m) from the broker's UK business, sparking fears of a cross-border fight over customer funds. Mr Giddens said he had identified up to $700m in US customer funds at MF Global UK. That money, he said, was held for clients who traded on foreign exchanges. A spokesman for the FSA said: "Under the SAR extensive work has been carried out by KPMG and the FSA to ensure the swift return of client money and assets. In what has been an extremely complex process to get to a position whereby KPMG have announced an interim distribution as soon as practicable represents considerable progress.