Online Stock Trading - Wrong Price - My Rights?

[scottyc]

Hi All,

I have an online trading account with a Big UK bank.
I bought some stock in a ISA Fund, they quoted an amount of stock, I accepted and the deal was done.

I then sold this about 1 week later. They are now saying that they sold me the wrong quantity and that I unduly profited from this ‘mistake’.

So now they want to buy back some of the stock and change me for it (putting my account balance into negative). Can they do this?

I think it is a price issue, they sold to me at one price and bought back at another, I gained from this. But if at a later date they say this price or quantity as a mistake.

I am I in the right to keep the profit. And can they charge me to buy more stock when I have not asked them to?

Thanks for your help.

[Guest]

Re: Online Stock Trading - Wrong Price - My Rights?

Mistake is a vitiating factor and thus the bank may treat the contract as void ab initio.

Have they made it clear to you why they want to charge you more?

Look here for some more details on this Sold at wrong price???? - Legal Beagles Consumer Forum

[scottyc]

Re: Online Stock Trading - Wrong Price - My Rights?

thanks for reply.

Yes, they say they sold me the wrong quantity .

But I disagree, and say it was the right quantity given the price they sold them to me at. Because I said I wanted to buy £100 worth for example. If the price is £1 then I would get 100 if price was £2 I would get 50. So the quantity would change depending on the price. If they sell to me at a certain price, can they then go back at a later date and say that was the "Wrong price"?

But the fact is the deals went though and I have the invoices etc to show this. They have now do another trade to make up for the "mistake" they say happened, and have charged me the cost of this trade. So my account is in a negative balance.

Can they do this? are they allowed to just Void the the old trade and then make new ones with my money without my permission?

[Guest]

Re: Online Stock Trading - Wrong Price - My Rights?

It will depend on the terms and conditions you have agreed to when you chose to trade with them. Do you have a copy of those? Are you trading as a consumer or is this a business transaction?