Montague Pitman.

Hi,
Has anyone had any bad experiance with Montague Pitman?
They advertise themselves as professional brokers with traditional values.FSA regulated.
I joined them on advisory basis, and when i complained why they r not informing me when a stock goes in profit so that i can close it or if it is loosing money beyond what would have been my stop, they tell me i have to be proactive and check it myself as they only advice on stock picks. I work F/T which they know, & dont hace access to live prices. Surely advisory service does not mean this? Does'nt state that anywhere in the contract.
They have simply burned and churned my account and overtraded using up all of the money to place trades living me to face huge MARGIN CALLS. Also on their advice the broker told me "lets not have stops" and said he will be watching my stocks. Far from the truth with stocks ending up -£600-2400.
Can i do anything about them with FSA. on mismangement of my account?
I had put down medium risk but they have used funds over the limits set by them.
when i complained to them they simply passed the buck back to me with a Financial ombudsman leaflet.
Very dissapointed with them. Would appreciate any help where to go to complain under what rules.
My account on CFD's was simply overtraded

You're playing with fire when you ask any broker to trade your funds on your behalf.

Most haven't got a clue which is why they're brokers and as you've found out they will often use your money simply to generate commissions for them.

My advice, take your money away from them before you have nothing left.

Montague Pitman: the guys who give new meaning to the word pit. I'm thinking about taking them to the FSA for their seriously unprofessional conduct.

I'm thinking about taking them to the FSA for their seriously unprofessional conduct.

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The FSA couldn't care less as long as they are not misusing your funds. They have no interest in anything else at all as they are not about good customer service or poor management.


Paul

Motague Pitman.

LesatWork said:

Montague Pitman: the guys who give new meaning to the word pit. I'm thinking about taking them to the FSA for their seriously unprofessional conduct.

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Hi,
What exactly happened with you? can you send me a PM to discuss.

Don't go near with a bargepole, every stock they 'pushed' to me ended up massively down. Even 'blue chips' collapse once they get their mits into them. They told me 'we need to get you into BT as much as possible' - that was at 145p!!!!!

complain to the main man Richard Beese.

This all proves the number 1 rule about managed accounts -

The best managed account is the one that loses you the least.........

kitster said:

Don't go near with a bargepole, every stock they 'pushed' to me ended up massively down. Even 'blue chips' collapse once they get their mits into them. They told me 'we need to get you into BT as much as possible' - that was at 145p!!!!!

complain to the main man Richard Beese.

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Did you get anywhere complaining. I complained and so far Richard Beese has'nt even bothered to ask what my complain is?
Could you PM me i would like to discuss yr experience with them.

Paul.

paulm1986 said:

Did you get anywhere complaining. I complained and so far Richard Beese has'nt even bothered to ask what my complain is?
Could you PM me i would like to discuss yr experience with them.

Paul.

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Hi,
So far all I've heard back from tricky dicky is an auto reponse to my email saying he'll be back on the 20th.
I also called and it eventually went to voicemail.
I've asked my other broker to transfer in my holdings with MontaguePitman and am still waiting to hear from them.
Hope this helps.

Montague Pitman

LesatWork said:

Montague Pitman: the guys who give new meaning to the word pit. I'm thinking about taking them to the FSA for their seriously unprofessional conduct.

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My experience is that many of their clients end up losing including myself !
Problem is they are more interested in generating commission than in doing all the hard research work which is so necessary.
FSA are unlikely to help having the resources only for major fraud.
And like our MPs these firms know how to keep within the letter (but not the spirit) of the law.
My guess is that the other advisory firms are not much good either - otherwise they would be risking their own money instead of wasting money on advertising.

Montague have lost me thousands, they do not manage your positions, no stop losses. They are only after your commissions. I can stock pick better than them. Be careful of them. They cater to the retail clients only becuase they do not know what they are doing. Anyone with some trading knowledge would not use them.

I can't believe this.

To open an account with a broker you must deposit thousands. Would anyone disagree with that?

How can anyone do that to strangers and give them a mandate to buy and not expect their account to be churned?

I do dispair but, human nature being what it is, there will always be Madoffs and Pitmans and they will always have clients.

Splitlink said:

I can't believe this.

To open an account with a broker you must deposit thousands. Would anyone disagree with that?

How can anyone do that to strangers and give them a mandate to buy and not expect their account to be churned?

I do dispair but, human nature being what it is, there will always be Madoffs and Pitmans and they will always have clients.

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Totally agree. Take what funds you have left stick it with an execution only broker and buy buy buy RBS!!! The new guy there has a serious incentive to double your money over the next few years.

Have kept a record of their recent recommendations and found all five have dropped in value.
Thanks to this website I did not risk investing and so have saved myself thousands.
When asking how they could get it so wrong answer was they are still expecting them to come good.
Bet they don't risk their own savings - getting commission for losers as well as winners seems a much better way.

Never forget everyone that ALL financial firms put their interests before those of their clients.

ALL of them, NO exceptions (but of course they'll all talk a good game).

Finance firms basiscally make money off money, so your money is what they're going to use to achieve their goals.......

anybody getting anywhere with the FSA about this bunch of no goods?

Montague PItman - why you must complain

I've only just spotted this forum and joined today. I have (a very bad) experience of being a client of Montague Pitman. They are a total scam organisation and I would encourage everyone to go to the Financial Services Ombudsman as this is the only way that the issue will be taken seriously. I have done a lot of research on them and spoken to lots of other clients, all of whom have also been robbed by them. Also, it was on the news a couple of weeks ago that 9 brokerages were suspended for their dodgy practices. Montague Pitman only make money by conning clients into buying small cap stocks from which they have themselves already made tonnes of money. Also, the directors of the company are directors of some of the companies whose clients are advised to buy. Have you noticed that they never give sell recommendations...only buy ones...that is because no one is watching your stocks...they don't make any money on sales...only when clients buy!!

Londoninvestor

Please raise your concerns with FOS

Hi, there is a chance you will get some of your money back if you complain to the Ombudsman. Misselling is a very topical issue at present. Montague Pitman has hundreds of complaints against it and lots of clients are also taking legal action. I would really urge everyone to lodge a complaint with the Ombudsman!

I am not a client of this firm but I spoke with their people at IX last week. I did not appreciate their aggressive salesman's manner. I did not appreciate having an account authorisation form thrust in my hand to sign whilst being given the impression they simply needed to gather some data. And it was surprising to come away with an information pack including their market analysis for October 2008! Especially when it was so bullish on equities. Possibly that demonstrates a refeshing honesty.

I was being pestered by this lot. I was very worried that they might be as bad as Wills & Co who I have wasted a lot of money with.

It will be bad news for some but this year Montague Pitman have gone into administration!

I was very pleased to hear this but I suppose they will be laughing all the way to the bank!

but guess what? Some of their low life called me today from some new name to scam from!