The Director of MontaguPitman was also a Director of Wills & Co. Who was it that called you? so that i can keep away.
The Director of MontaguPitman was also a Director of Wills & Co. Who was it that called you? so that i can keep away.
They do if they have contact with clients. Check the FSA website.
orangesunset
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In my experience the FSA provides very little in the way of protection. The FSA Ombudsman provides a very poor service by keeping to the letter rather than the spirit of the law. This policy works in favour of the firms with their expert legal advisers.
Montagu Pitman told me they have to charge commission on "unlucky" recommendations because that is the FSA rule. They claim the FSA does not allow them to charge only for successful recommendations. If true what hope is there !
Obvious to me that tipping organisations should be rewarded with commission only when they get it right. Otherwise the whole system is open to abuse by dishonest firms.
When a meter reader calls he has an identity photocard, if in doubt you can call their employer. When a gas fitter calls he has a photocard with a number which can be checked with their registration body, Gas Safe.
When these dodgy brokers guys phone you they sometimes only give first names. If you asked for their FSA registration number then possibly they MIGHT give you one. But does the FSA have any facility to check their validity ???
When these dodgy brokers guys phone you they sometimes only give first names. If you asked for their FSA registration number then possibly they MIGHT give you one. But does the FSA have any facility to check their validity ???
There is categorically no such FSA rule or guidance on when commissions can be charged.
You can check individuals' registration online http://www.fsa.gov.uk/register/indi...MnkrDqRfzqwbMnkrDqRfzqwbynknvrkLOlQzNp65In0__ but of course you've no way of knowing that you are speaking to the individual whose name is registered.
orangesunset
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Thanks for this information - typical that firms can be untruthful and get away with it.
Have been given a similar excuse by CFD advisory firms who also claim they have to charge commission on both winning and losing trades - because of FSA regulations.
If only the FSA took more interest in investigating such examples of dishonesty.
As it stands honest advisory firms (if there are any left) are at a big disadvantage because of the dubious tactics adopted by their rivals. There appears to be nothing to stop dishonest firms from saying things that are untrue and at the same time pretending to be trying to help their poor client with a fantastic opportunity !
Bit late in posting this but it seems action (of sorts) was taken, although they no doubt got away with most of the money.
http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/020.shtml
Can you please tell me what this means then? I've copied and pasted it here from the NFA site. I don't know if this will have a significant impact or not much of a difference? Thank you.
QUOTED FROM FSA:
NFA prepares to receive daily trading reports from Forex Dealer Members
National Futures Association's Board of Directors recently approved new NFA Compliance Rule 2-48 which will require all Forex Dealer Members (FDMs) to file a daily electronic report of trade data with NFA. The data will be filed electronically using NFA's newly developed Forex Transaction Review System.
"Since each FDM operates its own market for its customers and is the counterparty to each transaction, there is both the ability and the incentive to manipulate prices and/or control when orders are executed," said Regina Thoele, senior vice-president of Compliance at NFA. "Our Business Conduct Committee has already issued a Complaint against one of our FDMs for programming its trading platform to favor the firm instead of the customer when price slippage occurs. We believe that a comprehensive study of the trading activities of all of our FDMs is necessary to protect retail investors."
The new system has been designed to gather and process data from each of NFA's FDMs on a daily basis. The information submitted by the FDMs will include:
All order transaction records;
A list of executed trades;
A list of all customers on the first day of reporting, with any changes being reported daily;
A list of all money managers on the first day of reporting, with any changes being reported daily;
A list identifying all customers being managed by a particular money manager on the first day of reporting, with any changes being reported daily;
A list of all price adjustments made by the FDM; and
A list of any unusual events, such as a system outage or "fast market".
"We have worked closely with our Forex Dealer Members throughout the development of the system," said Tim McHenry, director of Risk Management and one of the project's leaders. "We hope to begin a pilot program with some of them within the next few weeks."
The system will analyze all of the data and create exception reports that identify potential price manipulations and problematic patterns of trading activity.
"We have developed this system to provide NFA staff with a method of regularly monitoring trade information and identifying unusual or suspicious trends," said Regina Thoele, senior vice-president of Compliance at NFA. "Ultimately, this will bring greater transparency and greater customer protection to the retail off-exchange forex markets."
Pending CFTC approval of NFA Compliance Rule 2-48, NFA has tentatively set February 4, 2011 as the effective date of the new rule and the first day that FDMs will be required to submit their daily reports.
Return to Top
--------------------------------------------------------------------------------
NFA begins publishing library of free video tutorials
NFA has begun developing a library of tutorial videos to help CFTC registrants and NFA Members meet their regulatory requirements. The first series of tutorials was published on NFA's website (www.nfa.futures.org) on September 24 and within the first two weeks were viewed more than 300 times.
"Firms and individuals applying for CFTC registration and NFA membership often contact our Information Center and spend a lot of time on the telephone walking through various aspects of the registration process," said Larry Dyekman, director of Communications and Education. "By providing tutorial videos explaining the process, we hope to help these firms and individuals navigate the application process more efficiently and decrease the amount of time they may have to spend on the telephone."
The four registration-related tutorials cover proficiency requirements, the enrollment process, how to file an individual registration application and how to file a firm registration application.
In addition to the registration-related videos, NFA has produced a two-part series of videos describing how Commodity Pool Operators should file their Quarterly Pool Statements using NFA's EasyFile system.
"These videos are cost-effective for NFA to produce and are a reflection of NFA's continued commitment to Member education," said Dyekman. "We are encouraged by the initial response to the videos, and Members can look forward to an expanding library of tutorial videos on a variety of compliance-related topics in the near future."
NFA Members who would like to suggest topics for NFA videos should send their suggestions to [email protected].
--------------------------------------------------------------------------------
QUOTED FROM FSA:
NFA prepares to receive daily trading reports from Forex Dealer Members
National Futures Association's Board of Directors recently approved new NFA Compliance Rule 2-48 which will require all Forex Dealer Members (FDMs) to file a daily electronic report of trade data with NFA. The data will be filed electronically using NFA's newly developed Forex Transaction Review System.
"Since each FDM operates its own market for its customers and is the counterparty to each transaction, there is both the ability and the incentive to manipulate prices and/or control when orders are executed," said Regina Thoele, senior vice-president of Compliance at NFA. "Our Business Conduct Committee has already issued a Complaint against one of our FDMs for programming its trading platform to favor the firm instead of the customer when price slippage occurs. We believe that a comprehensive study of the trading activities of all of our FDMs is necessary to protect retail investors."
The new system has been designed to gather and process data from each of NFA's FDMs on a daily basis. The information submitted by the FDMs will include:
All order transaction records;
A list of executed trades;
A list of all customers on the first day of reporting, with any changes being reported daily;
A list of all money managers on the first day of reporting, with any changes being reported daily;
A list identifying all customers being managed by a particular money manager on the first day of reporting, with any changes being reported daily;
A list of all price adjustments made by the FDM; and
A list of any unusual events, such as a system outage or "fast market".
"We have worked closely with our Forex Dealer Members throughout the development of the system," said Tim McHenry, director of Risk Management and one of the project's leaders. "We hope to begin a pilot program with some of them within the next few weeks."
The system will analyze all of the data and create exception reports that identify potential price manipulations and problematic patterns of trading activity.
"We have developed this system to provide NFA staff with a method of regularly monitoring trade information and identifying unusual or suspicious trends," said Regina Thoele, senior vice-president of Compliance at NFA. "Ultimately, this will bring greater transparency and greater customer protection to the retail off-exchange forex markets."
Pending CFTC approval of NFA Compliance Rule 2-48, NFA has tentatively set February 4, 2011 as the effective date of the new rule and the first day that FDMs will be required to submit their daily reports.
Return to Top
--------------------------------------------------------------------------------
NFA begins publishing library of free video tutorials
NFA has begun developing a library of tutorial videos to help CFTC registrants and NFA Members meet their regulatory requirements. The first series of tutorials was published on NFA's website (www.nfa.futures.org) on September 24 and within the first two weeks were viewed more than 300 times.
"Firms and individuals applying for CFTC registration and NFA membership often contact our Information Center and spend a lot of time on the telephone walking through various aspects of the registration process," said Larry Dyekman, director of Communications and Education. "By providing tutorial videos explaining the process, we hope to help these firms and individuals navigate the application process more efficiently and decrease the amount of time they may have to spend on the telephone."
The four registration-related tutorials cover proficiency requirements, the enrollment process, how to file an individual registration application and how to file a firm registration application.
In addition to the registration-related videos, NFA has produced a two-part series of videos describing how Commodity Pool Operators should file their Quarterly Pool Statements using NFA's EasyFile system.
"These videos are cost-effective for NFA to produce and are a reflection of NFA's continued commitment to Member education," said Dyekman. "We are encouraged by the initial response to the videos, and Members can look forward to an expanding library of tutorial videos on a variety of compliance-related topics in the near future."
NFA Members who would like to suggest topics for NFA videos should send their suggestions to [email protected].
--------------------------------------------------------------------------------
THE FSCS compensation scheme might be going to help me (it's Sept 2012)
I spotted a press release concerning Montague Pitman (and Falcon Securities) dated Dec 2010, phoned them and they asked some questions then said they will send me a claim form.
It's the finding that they weren't just unlucky, they were apparently getting paid by the companies whose shares they were pushing that bugs me (yes I do feel very foolish).
Anybody here know what matters, what the FSCS are looking for when reviewing these claim forms?
I spotted a press release concerning Montague Pitman (and Falcon Securities) dated Dec 2010, phoned them and they asked some questions then said they will send me a claim form.
It's the finding that they weren't just unlucky, they were apparently getting paid by the companies whose shares they were pushing that bugs me (yes I do feel very foolish).
Anybody here know what matters, what the FSCS are looking for when reviewing these claim forms?
orangesunset
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I just got compensation from the FSCS for Montague pitman's misdeeds. I used a claims firm, so they took a cut, not sure if they really helped or if I would have succeeded on my own, but anyway.
Suitability, experience and risk warnings seem to be important.
Lightning McQueen
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well done, good for you for getting something back.
out of interest, how much did the claim firm get for filling out the fscs claims form? in percentage terms.
It's always too much. They advertise if you google M-P
Lightning McQueen
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i only found hallbrook partners. they don't divulge how much they charge for filling out a fscs claim form on behalf of their clients. from ppi claims management info it looks like 25% of the successful claim, or maybe more :-0
orangesunset
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Why did you need a claims firm when the FSA should have taken action on your behalf ?
Wonder if other victims also received compensation - with or without needing to instruct a claims firm.
In my own case experience led to suspicions about their glossy brochures and constant phone calls.
So just watched how their recommendation fared - nearly all turned out to be losers - wonder why !
That's all anyone needs to know really, that and the flashy name.
Sadly, that's all that's needed these days to hoodwink many people with the lure of get rich easy investments. Just send your cheque, our 'senior analysts' say the stock is sure to double! Don't worry about the minutia, don't let the lack of facts and figures get in the way of making money!
Were they a regulated firm? If not then be highly dubious of a new trader saying a 'claims firm' got compo especially if the claims firmsasks for money upfront....
They were regulated.
