SB firms

[genti]

Hi,

just had a phone call from someone right now and he told me that his SB firm was making mistakes when rolling over his trades, and from his acc history he tracked the last weeks trader and now they are giving him 50 points back,

please guys what is your advice, should he contact FSA?


Kind regards
Genti

 

[Skimbleshanks]

Tell him to read his contract with them - you'll find that this eventuality is covered in it somewhere.

 

[spreadbet]

Even if it is in a contract it's my opinion that the FSA should be made aware. In all probability it is an honest mistake however SB firms will have some form of compliance code in place to ensure mistakes of this nature do not occur. If the FSA are not made aware then they will not be able to establish which SB firms require investigation

Cheers

spreadbet

 

[Skimbleshanks]

They're giving him 50 points back, and he wants to complain? Is he mad?

 

[mmillar]

I don't think the FSA will be interested until you have been through the formal complaints procedure of the SB company. You should make a formal, written complaint to the SB. I believe they are required to report the number of complaints they have to the FSA. You might want to copy the FSA on correspondence if it makes you feel better.

 

[oatman]

The FSA are spineless. They can't even reel in the big crooks in the City. Too much dirt to dish. They couldn't give a toss about 50 points. Find out why the "error" happened. If you don't like it tell them you're writing to the FSA. See what happens. If there's a problem later, at least it's registered.

Good Luck,

 

[lucas_king]

Hi,

just had a phone call from someone right now and he told me that his SB firm was making mistakes when rolling over his trades, and from his acc history he tracked the last weeks trader and now they are giving him 50 points back,

please guys what is your advice, should he contact FSA?


Kind regards
Genti

If he's unhappy with the service he's received then he should raise a formal complaint with his brokers. They are obliged to conduct an investigation and, if he's suffered any financial loss they are obliged to redress that loss.

If he's not happy with what they come back with then he should refer his complaint to the Financial Ombudsman Service for an independent investigation of the complaint.

 

[SpreadBeta]

The process to roll over trades, and the associated charges you incur in doing so are usually calculated by an overnight automated process in a SB firm.
If one person has spotted errors in the process then it is quite likely that other clints of the SB firm are also impacted (especially if trading the same instruments).
If you let us know which SB company and instruments were being traded then anyone else on this forum can check if they have been impacted too. If the issue is wider than just one person (and the other clients havent been informed) then it is more likely that the FSA would be interseted.

 

[mike.]

Do you realise the thread is 10 years old ?

 

[SpreadBeta]

Ah, probably too late to claim any rebate then !!!