Spreadbetting and Fiduciary Duties

[MaxTrey]

Re: Spreadbetting and Fiduciary Duties

No stop loss as I was looking after my position in real time. The other clients who had stop losses actually got the same fill - some clients were lucky to get stop losses executed at all.

What you say about losing the house may be the brutal truth.....just wish you didn't say it like that. Just had a mini breakdown.

I'm back now...trying to think positively and seek any ways to limit the damage.

The firm argues that no liquidity existed but will not provide any proof. Other firms actually managed to trade client positions and ones that didn't, decided to forgive any negative balances caused.

[wales01man]

Re: Spreadbetting and Fiduciary Duties

Just read a bit about t=Spread betting gotta say it can quite easily be the ruin of someone must be on a par with betting on 2 spiders running up a wall,
hope the OP gets the result they need

[Mr $quandaŁot]

Re: Spreadbetting and Fiduciary Duties

From my own experience, FOS is waste of space.

May I ask you why you didn't have a stop loss? You were clearly playing with fire and got burnt and may lose your house now.

Unfortunately many spread betting terms and conditions simply state that the firm 'will endeavour to close the position... but cannot guarantee...'. This, from my personal experience, is enough for FOS to reject your claim.

Interestingly, I took a look at the EUR/CHF 12 month chart and could clearly see tge crash! Oops.

I apologise for my negative tone.

If you are saying that you tried to close your position but couldn't, you may have a case. However, unfortunately from FOS point if view it will all be in accordance with the terms and conditions you agreed with when you opened your account.

If the firm hasn't been chasing you, at least you will have time to prepare your defence. It may well be worth waiting for them to take action. There may even be a narrow chance that they won't.

[Mr $quandaŁot]

Re: Spreadbetting and Fiduciary Duties

From my own experience, FOS is waste of space.

May I ask you why you didn't have a stop loss? You were clearly playing with fire and got burnt and may lose your house now.

Unfortunately many spread betting terms and conditions simply state that the firm 'will endeavour to close the position... but cannot guarantee...'. This, from my personal experience, is enough for FOS to reject your claim.

Interestingly, I took a look at the EUR/CHF 12 month chart and could clearly see tge crash! Oops.

I apologise for my negative tone.

If you are saying that you tried to close your position but couldn't, you may have a case. However, unfortunately from FOS point if view it will all be in accordance with the terms and conditions you agreed with when you opened your account.

If the firm hasn't been chasing you, at least you will have time to prepare your defence. It may well be worth waiting for them to take action. There may even be a narrow chance that they won't.

[des8]

Re: Spreadbetting and Fiduciary Duties

The OP is where he is, and looking back is not much use.
As $quandaŁot says now is the time to prepare the defence, but so far there is a dearth of practical advice in this respect.
Without seeing the T&Cs, without a record of any phone calls/emails, without seeing the records it is impossible to offer guidance on which way to approach the matter.
And even with that info, it will be difficult to find the loopholes.

Whilst I am not a great fan of FoS, I still think that is the starting point. An initial chat to see if they can offer any solutions, and take it from there.

[MaxTrey]

Re: Spreadbetting and Fiduciary Duties

Hi...the firm is IG. Their spreadbet t&c are on website .....however I do not expect anyone to go through that...far too long.

Obviously I've read it now.....but far too late.

[Mr $quandaŁot]

Re: Spreadbetting and Fiduciary Duties

I also had an IG account but thankfully pulled the plug.

Well, they are one of the biggest and best known. I would have thought they'd be better than what your experience indicates.

I had an opposite problem with Finspreads. I wanted to keep my positions open and try to add funds and then the platform rose. I had long positions on Nikkei and Dow in October 2012. I then tried to call them but the phones were not answered. By the time I got through my positions had been closed. I lost hundreds as a result, not more than that.

Indices recovered later on the same day and I asked Finspreads to reopen the positions due not being able to add funds. I also had many positions with guaranteed stop losses and they were closed due to lack of funds, not because they hit the stop loss.

I complained to the firm, followed by FOS but lost miserably due to Finspreads terms and conditions stating that they cannot guarantee platform being functional or telephone calls being answered. That's FOS for you!