fxmarkets said:
11. If you have reason to believe that the bookmaker with which you deal is not acting in accordance with representations that it has made to you, the terms of your customer agreement or the rules of the FSA, you should report it to the Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR. Tel: 0845 080 1800.
hmmm... well the numbers there, first one to report back re any issues........ will be rewarded in heaven.
The FSA regulates complaints under the FSMA. The rules around complaint handling at the FSA under DISP - see
http://fsahandbook.info/FSA/html/handbook/DISP. The rules require the consumer to seek a resolution from the firm before taking it up with the FOS. The FSMA set the FOS, formerly the Banking Ombudsman, as the independent body to handle unresolved complaints. The firm have a period of eight weeks to answer the complaint and issue their final response. If the customer is still not happy with their reply then they can take it to the FOS and, irrespective of the outcome, the FOS will apply a fee to that firm, even if it finds in their favour. It could take a while before you get this to the FOS, but they will discuss on their helpline what they may constitute practice that is not deemed to be treating their customers fairly, for which theire is also FSA regulation forthcoming.
The FOS, twell hey're pretty powerless. They can make a firm pay a consumer compensation but they cannot fine the firm. They would report complaints back to the regulator, i.e. lots of complaints on the same subject against one firm would possible warrant a report to the FSA. It's the FSA that regulates the businesses and if they found malpractice then you could see some significant fines.
I believe that execution may be covered under COB7, but COB is not my strong subject under the regulation, I prefer money laundering prevention myself. COB is available here if anyone is interested -
http://fsahandbook.info/FSA/html/handbook/COB/7/5. I'm not sure whether this covers SB's or SB instant execution, it just seems to cover stocks and shares. The helpline at the regulator is as follows:
From UK:
0845 606 1234. Call rates may vary.
(Minicom/textphone - 0845 730 0104.)
(Automated leafletline - 0845 456 1555.)
From Overseas: 020 7066 1000 (Main switchboard.)
Email:
[email protected]
The FSA does not deal with specific consumer complaints, recommend firms or give legal advice, however, the Consumer Helpline can answer general queries about financial products and services. It can also tell you if a firm is authorised and help 'sign post' you if you have a complaint and don't know who to contact.