Do brokers return fund in UK?

[Aristix]

In order to spread betting firms it is happening something incredible.
Can anyone help me?

I am Cityindex client since various years. I sent funds, and I asked 1-2 little withdrawals and all went regularly.

On december I required 2.000,00 €, they charged the sum on my account but the sum never arrived. I wrote and they answered that there was an error on bank details and would re-credit the sum on Cityindex account. But I saw nothing nor in Cityindex account neither in my bank. So I wrote again, more and more times. They surely received my emails and didn't answer. I contacted them via chat and they said that they "had to control with treasury department" and after would write by email. But nothing happens after 2 months. Funds disappeared and no news by them.
Is is incredible similar things happen in UK ....

Do you know they are going to fail?

I am going to do a complaint to Ombudsmann. But what Ombudsmann can do? Is its decision really binding? What happens if Cityindex doesn't execute Ombudsmann order?
Thank you

 

[remme001]

Just to be clear is your issue depositing funds or withdrawing funds? It's not clear from your post.

 

[Aristix]

Just to be clear is your issue depositing funds or withdrawing funds. It's not clear from your post.

Thanks for your clarification, my english is not so good .
I have an account with Cityindex. In this account I sent my money. Now I want withdraw my funds and they don't return them.
If I am not clear please let me know.

 

[remme001]

Thanks for your clarification, my english is not so good .
I have an account with Cityindex. In this account I sent my money. Now I want withdraw my funds and they don't return them.
If I am not clear please let me know.

When you sent them an email and they replied asking you to wait a few days how long ago was this? Withdraw can take 3-5 business days. I don't fully understand what their explanation is as your quoted responses don't make a lot of sense. It would be good to get actual word for word replies.

If the issue persists you can take them to a small claims court and report them to the FCA.

In general the broker has pretty bad reviews, one of which is a recent one about withdraws:
http://www.forexpeacearmy.com/public/review/www.cityindex.com
http://www.trade2win.com/reviews/brokers/208-city-index#reviews-wrapper

There hasn't been any recent fines imposed by the FCA on city index it seems though:
https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfEJIAA3

If it has been more than 5 business days they asked you to wait for then I'd call them up, if they don't give you an apropriate reply threaten to report them to the FCA and take them to the small claims court. I know you've only exchanged through email and instant chat however sometimes just phoning someone up is much more effective. I had an issue with my new broker this week failing to respond to my emails. I phoned them up and got it sorted in 2 minutes.

In general it looks like City Index has fairly tight rules on making withdrawals, some of which may be tied to anti money laundering rules:
http://www.cityindex.co.uk/fx-faqs-withdrawing-funds.aspx

 

[Aristix]

When you sent them an email and they replied asking you to wait a few days how long ago was this? Withdraw can take 3-5 business days. I don't fully understand what their explanation is as your quoted responses don't make a lot of sense. It would be good to get actual word for word replies.

If the issue persists you can take them to a small claims court and report them to the FCA.

In general the broker has pretty bad reviews, one of which is a recent one about withdraws:
http://www.forexpeacearmy.com/public/review/www.cityindex.com
http://www.trade2win.com/reviews/brokers/208-city-index#reviews-wrapper

There hasn't been any recent fines imposed by the FCA on city index it seems though:
https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfEJIAA3

If it has been more than 5 business days they asked you to wait for then I'd call them up, if they don't give you an apropriate reply threaten to report them to the FCA and take them to the small claims court. I know you've only exchanged through email and instant chat however sometimes just phoning someone up is much more effective. I had an issue with my new broker this week failing to respond to my emails. I phoned them up and got it sorted in 2 minutes.

Thank you very much for your precious informations. I didn't know about small claims court. I requested funds decemebr 14 and I had last contact with them on january 12 when hey said "next week".
What is really strange for me is following: we are not speaking about a price movement, a paltform malfunctioning and so on, where there can be a doubt, a disussion.
I am requesting back my funds in account balance. There is no discussion on this, this must be fast and sure. It is inconceivable that I have to fight to have back my funds.
If they are bantering me, they can do it by email by phone by letter and so on.
I think I will write to Ombudsmann. Will Cityindex be obliged to execute Ombudsmann order?

 

[remme001]

I think I will write to Ombudsmann. Will Cityindex be obliged to execute Ombudsmann order?

Yes they can't simply ignore orders from regulators. They aren't a broker that is situated outside of the UK that might be harder to deal with. I still think you should phone City Index and tell them exactly what you intend to do now that they've failed to comply with your withdrawal request.

What is really strange for me is following: we are not speaking about a price movement, a paltform malfunctioning and so on, where there can be a doubt, a disussion.

It's known that some of these brokers make it hard to withdraw thats why when registering with a broker it's always good to make a couple of withdrawals to see if they give you grief when trying to take profits out of your account. I realise that you did mention you made some withdrawals earlier.

 

[NVP]

Not with them but can't believe they won't give you your money back.....sure some of them drag their heels but just demand to talk to someone senior and roast them.....I've never really hasd issues in this area ....luckily......I keep my accounts to reasonable levels and withdraw when needed

Sorry to hear this dude
N

 

[NVP]

Thank you very much for your precious informations. I didn't know about small claims court. I requested funds decemebr 14 and I had last contact with them on january 12 when hey said "next week".
What is really strange for me is following: we are not speaking about a price movement, a paltform malfunctioning and so on, where there can be a doubt, a disussion.
I am requesting back my funds in account balance. There is no discussion on this, this must be fast and sure. It is inconceivable that I have to fight to have back my funds.
If they are bantering me, they can do it by email by phone by letter and so on.
I think I will write to Ombudsmann. Will Cityindex be obliged to execute Ombudsmann order?

Go,to the financial watchdogs and copy them in correspondence ...and generally hassle them daily with cals ......good,luck

Also I notice a lot of startup websites wher you can complain about a company and the bad up publicity exposure seems to get results ....just google complaints etc etc and they are there

 

[Aristix]

Not with them but can't believe they won't give you your money back.... N

I too . I (and other persons I know) have had various problems with italian banks, they do various misconducts, but never, never happened they don't return clients' funds (in normal conditions).
When it happened, the bank was going to fail (in a very few cases).
Trust is fondamental in economic relationship. If there is no more trust, none sends 1 penny.
There is another particular. I asked their internal complaint office address they dont' give me it but answered I had before to solve the problem with customer service and igf I was unhappy I could write to complaint office. So I wrote again to customer service; and they didn't answer, so I remained without answer, without funds, and without complaint address. Not to answer is a great thing .
About phone call, I would have difficulties to speak by phone in english. I studied it some years ago and I forgot correct pronunciation, now your pronunciation seem too fast and with "strict" vowels. However I can ask to some of my collegues who lived in America.
I also already wrote to Ombudsmann and they seem more serious. They answered asking more details.
However thanks to all of you.

 

[Pat494]

I don't really know what is going on behind the scenes BUT it does look suspicious. They may have gambled on the markets and lost big time.

Don't give up.

Mama mia

 

[Charlton]

I too . I (and other persons I know) have had various problems with italian banks, they do various misconducts, but never, never happened they don't return clients' funds (in normal conditions).
When it happened, the bank was going to fail (in a very few cases).
Trust is fondamental in economic relationship. If there is no more trust, none sends 1 penny.
There is another particular. I asked their internal complaint office address they dont' give me it but answered I had before to solve the problem with customer service and igf I was unhappy I could write to complaint office. So I wrote again to customer service; and they didn't answer, so I remained without answer, without funds, and without complaint address. Not to answer is a great thing .
About phone call, I would have difficulties to speak by phone in english. I studied it some years ago and I forgot correct pronunciation, now your pronunciation seem too fast and with "strict" vowels. However I can ask to some of my collegues who lived in America.
I also already wrote to Ombudsmann and they seem more serious. They answered asking more details.
However thanks to all of you.

Ciao Aristix

Here is the link for the site about Small Claims:

https://www.gov.uk/make-court-claim-for-money/overview

Often you can get a company to pay up simply by threatening to use this service and by showing that you know how it works.

Hopefully someone from City Index will be reading this thread and also potential customers of City Index will be reading this thread. Perhaps City Index would explain why they ignore customer requests to return their funds and whether potential customers could trust them with their funds.

Buona fortuna

Charlton

 

[Pat494]

There are a lot of crooks out there just waiting for the lambs to be shorn. I am struggling to get KPMG to pay me back my deposit with Alpari ( UK ) even ! I go to the portal. fill out the forms and ..........nothing

 

[tomorton]

One possibility - like my spreadbetting firm, City Index's terms and conditions say they will only return funds to clients via the same method that was used to pay the money to them. So, if you transferred money to them from XYZ Bank, they will only return money to you by transfer to your account at XYZ Bank.

Can I ask if you deposited the money with them and are asking them to return it to the same bank (or same credit card or same debit card etc.)?

 

[metrader]

Thank you Aristix. I was thinking to open an account with them, but won't do it after I read about this.

Anyway I don't think you would have problems getting your money back - in UK financial services are properly regulated (not like some other funny places in Europe or elsewhere)

 

[tomorton]

I would add the SB firms are very tied up by paranoid anti- money laundering.

My recent experience - I had deposited funds long ago by cheque from my bank current account. I later registered a debit card issued with the same account with the SB firm. Last year I requested a withdrawal of funds but asked for payment to be to the debit card. But the firm refused, even though the card is linked to the same bank account as the original cheque, they have to regard it as a different source/location for payments, so they had to transfer the payment direct into the bank account. Bizzare.

Not only that, when I emailed them to ask why they had not made the re-payment, they did not answer so when I contacted them direct, they said they had replied but to an older email address, i.e. the one I had used when first communicating with them, despite registering the newer email address with them since then. Grrr. Its not like we're talking millions here chaps.

 

[Pat494]

I would add the SB firms are very tied up by paranoid anti- money laundering.

My recent experience - I had deposited funds long ago by cheque from my bank current account. I later registered a debit card issued with the same account with the SB firm. Last year I requested a withdrawal of funds but asked for payment to be to the debit card. But the firm refused, even though the card is linked to the same bank account as the original cheque, they have to regard it as a different source/location for payments, so they had to transfer the payment direct into the bank account. Bizzare.

Not only that, when I emailed them to ask why they had not made the re-payment, they did not answer so when I contacted them direct, they said they had replied but to an older email address, i.e. the one I had used when first communicating with them, despite registering the newer email address with them since then. Grrr. Its not like we're talking millions here chaps.

They just hate paying it out it seems.

 

[Aristix]

One possibility - like my spreadbetting firm, City Index's terms and conditions say they will only return funds to clients via the same method that was used to pay the money to them. So, if you transferred money to them from XYZ Bank, they will only return money to you by transfer to your account at XYZ Bank.

Can I ask if you deposited the money with them and are asking them to return it to the same bank (or same credit card or same debit card etc.)?

Yes, I know the rule, the withdrwal was requested on the same bank from which I sent funds.
CMC markets has an italian branch only for CFD and this absurd rule doesn't exist. Yoy can send funds as you want and you have to indicate accounts where you want receive withdrawals and they have not to be the same.
Some hours ago I sent an email to address given by Malcr001 and resulting here
https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfEJIAA3
[email protected]. The email had no attached.
This is the answer:

Delivery has failed to these recipients or groups:

[email protected]
The recipient won't be able to receive this message because it's too large.

The maximum message size that's allowed is 0 KB. This message is 31 KB.

Diagnostic information for administrators:

Generating server: cityindex.com

[email protected]
#550 5.2.3 RESOLVER.RST.RecipSizeLimit; message too large for this recipient ##

It seems to be in a dream. However I will report this to FCA.