A friend of mine night traded £11000 profit by scalping the ftse 100 futures CFD index, however City Index took all of his profits due to a 'manifest error'. Isn't this supposed the error of the CFD company? I think the trading platform's terms and conditions regarding 'manifest error', is very unfair.
Shouldn't it be the responsibility for the CFD/spreadbetting company to quote the correct prices even if it's in the middle of the night, since there is 24 hour trading?
Theoretically if the market crashed, he could ask them "Can I have my losses back , because the prices were misquoted?"
I have the feeling that these kind of companies defraud their customers when they make big wins, because they are scared losing money themselves.
City Index is not giving back the money so he's going to see a solicitor, possibly taking this case to court?
Alternatively, could my friend follow a complaint procedure? Where would he take the complaint to?
Ombudsman?
