CMC delayed paying my money

J

jaff7

Junior member
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Hello Traders,

I have made a request to withdraw my funds from my CMC markets account. They refused to do it. I ask them for an explantion, they don't give me one. I then contacted the Financial Ombudsman and they say I have to wait 8 weeks before they can take action.

Is there anything else I can do to recoup my money from these people. They allow me to trade but don't give my money.

Any advice would be greatly appreciated.

Thx
 
GammaJammer said:
Out of interest, why are you withdrawing your money?

It does sound very odd - CMC are a fairly reputable company and they are regulated by the FSA. Is there nothing else going on? Are you in any sort of a dispute with them?
Click to expand...

Thx for the prompt response. I need money to feed my family and pay bills. I am in no dispute with them at all. All my position is flat.

What else can I do?

Thx
 
Tell CMC that you want your money today and if not you'll be calling the FSA. And ask them who their main FSA liason officer is.

Assuming you're telling us the truth and your money is all in cash, not being used for margin or other investments what you say is extremly worrying. I've never before heard of a broker refusing to send money back to a client, as long as that money was pure cash.
 
How exactly did they refuse? Did they tell you they were not going to send it to you? Or have you just not received it yet?
 
anley said:
Tell CMC that you want your money today and if not you'll be calling the FSA. And ask them who their main FSA liason officer is.

Assuming you're telling us the truth and your money is all in cash, not being used for margin or other investments what you say is extremly worrying. I've never before heard of a broker refusing to send money back to a client, as long as that money was pure cash.
Click to expand...

I have complained to the FSA and the Financial Ombudsman who say i have to wait 8 weeks. All my position is in cash and has been in cash for 2 weeks. I ask the helpdesk why they are not sending money they say they can't spk about it. They give me no reason.

I can't belive in this situation where a person needs money urgently for thier family, a firm like CMC can withold money without any justification. Its been over 1 week, and they can't tell me why they are doing this. They allow me to trade, but not send my money.
How fair is this?

CAn anyone suggsest what else I can do? I was thinking of contacting Sky News as they have been reporting from thier offices yesterday.

Any thoughts would be greatly appreciated.

Thx
 
Can it be anything to do with one of those account openng offers of a 'free' £100, or whatever?
 
MrGecko said:
How exactly did they refuse? Did they tell you they were not going to send it to you? Or have you just not received it yet?
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They have confirmed they received it. I ask them why they don't send it, they say we can't speak about it. I told them let me spk to someone who can help me, he says no one can help you. Its all dead end answers.

Thx
 
FSA should be able to do something in less than 8 weeks. They were helpful when I contcted them about a SB company.
 
GammaJammer said:
Yeah you definitely need to stay in a dialog with CMC. Maybe get an e-mail address and follow up in writing (and make sure they know you are going to do that). If necessary, you could ask them for the name and address of the person to write to there to get this resolved, and inform them that you will be doing so by registered post, with a copy to the FSA.

I would be very surprised if that doesn't work, UNLESS there's something else going on. You absolutely sure there's nothing else you want to tell us?

GJ
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Hi Gamma,

What can I tell you, if I myself don't know or can get someone at CMC to tell me why they are not paying me. Its been over 2 weeks I have been in cash. If there is an issue they must tell me beforehand, not susspend my account without any apparent dispute or reason.

I have emailed a complaint to them. The FSA is aware of it. The ombudsman will write to them, but it doesn't help when I need my money they are refusing it. CMC say they will give an initail response within 48 hours and if not happy then they will respond within 8 weeks. After waiting 48 hours they now say it will take more time to investigate. But i ask them investigate about what? He says investigate about your complaint why we are not sending your money.

Its like they are messing about and don't want to give my money.

Thx
 
... maybe they have some due diligence w.r.t. money laundering, or something like that? You are paying it in to and out of the same account, in your name?

I would start a written correspondance ASAP, and cc the FSA / ombudsman in on everything which goes back and forth... and make sure they (CMC) know that this is what you are doing.

Maybe try from scratch, in writing, and copy the authorities in on it from the start?
 
Could be that they are suspecting you of 'taking advantage of bad prices' or some other similar excuse they use for not letting punters win.
 
MrGecko said:
... maybe they have some due diligence w.r.t. money laundering, or something like that? You are paying it in to and out of the same account, in your name?

I would start a written correspondance ASAP, and cc the FSA / ombudsman in on everything which goes back and forth... and make sure they (CMC) know that this is what you are doing.

Maybe try from scratch, in writing, and copy the authorities in on it from the start?
Click to expand...

I have taken money out and put it in, no probelems. I think its good idea to cc fsa and ombudsman.

I really can't believe CMC can do this and no laws in place to stop a firm to withold clients money.
 
Phil Mibbutz said:
FSA should be able to do something in less than 8 weeks. They were helpful when I contcted them about a SB company.
Click to expand...

Dear Phill,

Pls assist me here. What did you do, beucase they referred me to ombudsman. Ombudsman says nothing we can do you have to wait 8 weeks.

Thank you in advance.
 
Tell them you're going to call the Fraud Sqaud as the fact they cannot return it to you or can offer you no reasonable explanation suggests that there's some fraud going on. I mean right now fraud is THE topic of conversation when it comes to financial firms.

Ask for the name of their Finance director as well as send him an email explaining the fraud squad angle.
 
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