CMC Complaint & Ombudsmans Response

T

TomTom

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Last year I mentioned that I had an outstanding dispute with CMC and have requested FOS deal with it.
The complaint was that CMC let me build up a large postion of over £2k per point on an index postion and when it come to take profits online trading was refered to telephone dealer. It was at this point problems started.
The dealer refused to accept my instructions to close this postion either at the full amount or smaller size's.
The responce from the FOS dose not believe that CMC would send a message to telephone dealer as they are an online execution only company.
Due to the fact that I have requested lots of information from CMC under Data Protection Act they then and never delived any information, the had taken money from me for that payment the FOS and Comissioners Office still have not taken any action against CMC. And this is a very sierouse offence, We dont stand a chance.
Any other traders ever had a message to phone dealer ? Please post now
Any other traders had a dispute with CMC ?
Any other traders have problems with CMC ?
The FOS has not upheld my complaint against CMC in my opinion because simply CMC are a big fish company and if they tell FOS what they have done is correct the FOS will believe them.
Clearly the person who was dealing with this case at FOS was out of his depth as lots of other relevent information was left out of his dessission.

For information I requested the FOS get records of my postions ofset into the market to show that CMC would not have an intrest in not letting me execute my orders as a substansial amount was gained in a short anount of time. I believe these trades we not hedged and some ones head was on the line if they were to pay out on this bet, hense no internet trades accepted & the need to phone dealer.FOS did not even request or recieve this reletive information.

The FOS even reports that CMC could not find any telephone calls from me, then states a time given by CMC when i called the dealing desk, FOS must have lossed the plot ?
Anyway this has gone on for a long time now and needs to be put behind me.

If you were to trade small or large and loose CMC will be ok with you, Trade large and generate healthy profits and they will crusiefy you.

Regards

Tom
 
Last edited:
Sheww... Ive just opened a new account with CMC. Maybe time to rethink...

Hope it gets sorted out for you,, an absolute nightmare.
 
Not just yet, but if that can happen on any amount per point, then i wouldnt trust em..
 
TomTom,

What you need to do is get this publicised. Stunning to think that a SB company could mess somebody around like this and get away with it.
 
Be very careful with CMC, especially on the ASX200!!! Re-quotes are very common and definitley seem to be for the worse 99% of the time. This company make serious profits and they should play fair all of the time, overall things would still go their way. Have heard 'futuresbetting' don't employ this strategy, might have a look at them.
 
Aye, but with futuresbetting you won't be able to close a £2k per point index position unless it's in something like stoxx without spending a couple of minutes working it, usually anyway.
 
I had the same problem with Finspreads, 'phone a dealer', the dealer doesnt answer and if he does its 10 mins later you have lost big time. The anger you feel watching money drip through your fingers when the phone is ringing unanswered

I was £7500 in the hand on the DOW, IG wouldnt let me close.... but it did when I had £3000 in the hand, down £4000.... it came up with some error on the screen asking me for stop loss which i had done

These bucket shops are robbers, but multi million pound companies hidden behind closed doors, you have not got a chance of getting money back..

Final note

THESE COMPANIES NEVER MESS UP ON THE SMALL TRADES
 
So why not go a bit smaller with multiple buckets shops - and screw them all over time?
 
Good shout Chill

You are asking for trouble betting large with these bucket shops, you are drawing attention to your self and standing out from the rest of the muppets.
Instead of £200 a pip, go fifty with 4 companies, althought £ 50 a pip is quiet large.

Im trading forex this year and saving my money until I can trade with ECN companies

Hotspot, then Dukescopy

My opinion these market makers are glorified slot machines

kk

They have your money, they have your boll0cks, any mistakes they win
 
TomTom said:
Last year I mentioned that I had an outstanding dispute with CMC and have requested FOS deal with it.
The complaint was that CMC let me build up a large postion of over £2k per point on an index postion and when it come to take profits online trading was refered to telephone dealer. It was at this point problems started.
The dealer refused to accept my instructions to close this postion either at the full amount or smaller size's.
The responce from the FOS dose not believe that CMC would send a message to telephone dealer as they are an online execution only company.
Due to the fact that I have requested lots of information from CMC under Data Protection Act they then and never delived any information, the had taken money from me for that payment the FOS and Comissioners Office still have not taken any action against CMC. And this is a very sierouse offence, We dont stand a chance.
Any other traders ever had a message to phone dealer ? Please post now
Any other traders had a dispute with CMC ?
Any other traders have problems with CMC ?
The FOS has not upheld my complaint against CMC in my opinion because simply CMC are a big fish company and if they tell FOS what they have done is correct the FOS will believe them.
Clearly the person who was dealing with this case at FOS was out of his depth as lots of other relevent information was left out of his dessission.

For information I requested the FOS get records of my postions ofset into the market to show that CMC would not have an intrest in not letting me execute my orders as a substansial amount was gained in a short anount of time. I believe these trades we not hedged and some ones head was on the line if they were to pay out on this bet, hense no internet trades accepted & the need to phone dealer.FOS did not even request or recieve this reletive information.

The FOS even reports that CMC could not find any telephone calls from me, then states a time given by CMC when i called the dealing desk, FOS must have lossed the plot ?
Anyway this has gone on for a long time now and needs to be put behind me.

If you were to trade small or large and loose CMC will be ok with you, Trade large and generate healthy profits and they will crusiefy you.

Regards

Tom
Click to expand...
Thank you for sharing this experience. I truly empathise with you and fully understand your intensive dislike for SB companies. For once, I completely agree with you. I wouldn't dream of putting this kind of money on the table with a SB company. You put yourself in a position where you handed over total control of your money to somebody else. As you are saying, small stakes with SB are ok, but with the kind of stake you mention, one can get ruined, if one is not able to get out of the position and does not even have the alternative to hedge at hand. Whether it is SB or DMA, one must always have the wherewithal to hedge a position, if something goes terribly wrong with your broker. Hopefully you didn't lose any money on the position, but I understand your sense of loss in not being able to secure your profit on this, as I understand it, very risky position.
 
hiya, not too sure here but could you not, both tom tom and the other one that lost money with ig and finspreads hedge your bets with another spreadbetting company, that way for the price of a few pointsa will lock in any profit immediately, then to close out you could have them both on the phone at the same time to make sure they where both willing to close the full position. then you make your money safe int the knowledge that you are safely hedged.
 
'The complaint was that CMC let me build up a large postion of over £2k per point on an index postion'

Am i reading that right??? 2k per point is a HUGE position.
 
Yes over 2k per point.
CMC let me open these postions online, then when it came for me to close, internet dealing became 'phone dealer' The conversation that happened with the dealer CMC say it never did happen. Also FOS reports CMC would not put up message 'Phone Dealer' All one sided.
 
Didn't you have proof that you'd called them? I would have thought your phone records would show a call.
 
NS1000.
The call was below the minimum that on our phone bill.
CMC have stated not all of there phones are automatically record calls.

I know what happened and because I can not proove it, CMC will not divulge the information, the FOS investigtion was a discrace, as I believe they were out of there depths in dealing with this case.
 
proof

Listen people, with big bets, any bets in future, you should take screen dumps, record screen time and record phone calls, it would cost a few quid to set up, saving you thousands

k

:mad:
 
it would cost a few quid to set up, saving you thousands
Click to expand...

You can do it for almost no cost. If you use Skype to make calls you can record them and screen dumps are free just press "Shift" "PrtSc" and then paste it into Word or any graphics package.


Paul
 
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