A 220 page introduction to all things consumer related by our own BankFodder.
Includes energy companies, mobile phone providers, retailers, banks, insurance companies,debt collection agencies, reclaim companies, secondhand car sellers, cowboy garages, cowboy builders and all the rest who put their own profits before you.
I have a trading account with a forex broker.
i noticed a few trades on my ledger that I hadn't authorised.
On closer examination I discovered my son had been playing with my account.
He has a demo account and likes to pretend to trade,
but had used my live account a couple times on my iPad/iPhone.
My first instinct was to write it off and blame myself for not being diligent enough.
Then I came across a potential precedent.
The case is a victory for the consumer over a forex broker for a few reasons.
- Contract was too onside and provided no benefit for the customer
- Unreasonable to expect the customer to read the dozens of pages of T&C which are hidden behind a checkbox on a sign up page. Goes against UTTCR according to the judge.
It's a long-shot but I have lodged a complaint with the broker asking for the trades to be refunded and quoted the case.
If they don't respond favourably I will try the fos route.
I am not legally trained or qualified, any advice i offer is gleaned from experience and general knowledge, if you are still unsure after receiving advice please seek legal advice.
GEMHL Settled
Barclaycard Settled
A & L SETTLED IN FULL
Spml Reluctantly withdrawn
Blackhorse pre 31-7-06 Demand removal sent 23 8 06. ICO ordered removal jan 2007....REMOVED
Basic Account Holder Do you record your calls? You'll regret it if you don't.
Cagger since : Mar 2007
Posts : 152 (0.04 post per day)
Re: Forex broker vs tnook
Sorry for the delay.
Been a busy year.
I have complained to my broker about the unauthorized trades and they are just leaning on their Terms and Conditions that I am responsible for all trades done on my account.
I’ve just opened a complaint with the fos and sited the SpreadEX V Cochran’s case where it was ruled to be in breach of UTCCR. Fingers crossed.
Cagger since : Jul 2006
Posts : 4,085 (0.95 post per day)
Re: Forex broker vs tnook
Not biased no, the concern here would be the access your son had to your account, which they may find is solely down to your lack of diligence.
They may see something different as did the judge in the cochran case but the fos have no legal requirement to apply that ruling as a standard, thats reserved for the courts.
I have seen cases where FoS have been inconsistent even in their own findings, upholding one case and not upholding another where the circumstances are the same. Alot depends on the adjudicator.
Basic Account Holder Do you record your calls? You'll regret it if you don't.
Cagger since : Mar 2007
Posts : 152 (0.04 post per day)
Re: Forex broker vs tnook
Quick update, nothing really yet. Just had a letter from the fos saying they have asked the broker for a response. The letter also mentioned that I should send in any additional information. So I am going to put together a little bundle with screenshots and send it to them.
The FOS also asked if this is causing hardship. Well it has had a knock on effect, is this worth highlighting?
Basic Account Holder Do you record your calls? You'll regret it if you don't.
Cagger since : Mar 2007
Posts : 152 (0.04 post per day)
Re: Forex broker vs tnook
Update: The fos are finally starting to look at the claim. I asked them about the likelihood of a successful complaint and the adjucator said it was doubtful.
Are they that much biased? There is a legal precedent. Will update when I hear more.
Cagger since : Dec 2006
Posts : 113,755 (27.49 post per day)
Re: Forex broker vs tnook
as they will , they wont side with you upon these measures
time for a court claim me thinks...
PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS
Click Here To Make A Donation
If you want advice on your thread please PM me a link to your thread
my views are my own...seek legal advice if necessary
NEVER EVER - act on a private message asking you to visit another website, make contact 'off list' or by phone alert the siteteam
DX RIP Martin3030