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- Silver777 replied Apr 8, 2015
Ok, thanks for the link, it's the same that I read earlier. I'm not a lawyer, but based on my research of contractual law, I believe you are mixing apples and oranges. Your statement regarding losses/negative balance being enforceable via S412 of ...
- Silver777 replied Apr 8, 2015
Hi IGEURCHF, Hmmmm.......Maybe I missed something., but I didn't see anything in S412 of the FSMA about enforcing losses/negative balance. Now you got me curious, could you please quote the relevant text from that section? Thanks in advance.
- Silver777 replied Mar 25, 2015
Hmm interesting.... if you can prove financial damage created by the contract breach, you can and should sue them in court. Have any lawyers commented on your situation?
- Silver777 replied Mar 25, 2015
Even if they breached their own terms, in order for you to get money from HF, you need to show either: 1. An agreement that states monetary penalty clauses for contract breaches OR 2. You prove financial damages caused to you as a result of the ...
- Silver777 replied Mar 21, 2015
Wrong. When a broker takes on retail clients, they agree that their ToS is superseded by the consumer and retail investor protection laws in the client's home country. This is why brokers don't accept clients from certain countries. Wrong again. EU ...
- Silver777 replied Mar 20, 2015
Agreed, not much they can do until they have legally proven their allegations, which is highly doubtful.
- Silver777 replied Mar 20, 2015
If I understood the latest update correctly, KPMG have already assigned these claims to a debt collection agency: "The Joint Special Administrators have appointed CCI Legal to assist them in recovery of the debts due from clients with negative ...
- Silver777 replied Mar 20, 2015
OK, I just now saw this. My opinion is that there is nothing they can do. I believe that if they want to recover what negative balance they assigned to your account, they would need to come to your home country and first prove that you owe them ...
- Silver777 replied Mar 9, 2015
Hi Caa, Unfortunately I don't know anything about consumer protection laws in your home country. In general, if you are a retail trader, then the lawsuit must take place in your country. If your country is outside of the EU then a lawsuit will be ...
- Silver777 replied Mar 5, 2015
Doh!!! Thanks for catching that! Even better @ 2 MGBP in 4 weeks!!! Wow, 500 KGBP per week, I'm definitely in the wrong business!
- Silver777 replied Mar 5, 2015
Hey mate, here's some helpful websites that I used when doing research: Start by googling "A Consumer's guide to MiFIDW" and download the pdf Here are some websites with great information (Warning: this is not light reading) url - look in ...
- Silver777 replied Mar 4, 2015
These same rules are in place both for the EU as well as the UK.
- Silver777 replied Mar 4, 2015
Touché! Excellent point!
- Silver777 replied Mar 4, 2015
Yes, this is exactly what I was referring to in my previous post about "suitability" and I think it can be argued that if a retail trader ends up with a negative balance, then the financial instruments were NOT suitable and the broker can't sue ...
- Silver777 replied Mar 4, 2015
I read the latest update and it's a bit complicated. Basically everyone who had trades open on Jan 15th and 16th will have to wait for closing trades to be confirmed. Traders with no open positions on 15th or 16th will get statements first. Now ...
- Silver777 replied Mar 4, 2015
Hi Caa, I stopped trading with Saxo over a year ago because I thought they were charging way too high commissions and markups on swap rates. If it is ok, could you copy and paste Saxo's "formal demand for payment", you can leave out all account and ...
- Silver777 replied Mar 4, 2015
Agreed. Also I believe that any defense lawyer for retail traders can argue that the broker's losses were due to excessive leverage and poor risk management implementation (in other words, the broker not following their own advice they were giving ...
- Silver777 replied Feb 24, 2015
If I remember correctly, if a company is marketing to international consumers and the agreements are not in the consumer's native language then it is left to how the consumer interprets the phrase in the agreement as well as local consumer ...
- Silver777 replied Feb 23, 2015
I have not seen what the IG client agreements look like, but I assume that they are not very different from the majority of broker client agreements that say that there is a possibility to lose more than the initial deposit. In that case, the ...
- Silver777 replied Feb 23, 2015
Thanks for chiming in Mojo. From what I researched and now understand, KPMG can not "bring" any non UK customer to UK court, but will need to go to the non UK customers' home countries' courts. Thank you again, what you wrote pretty much confirms ...