FSA Who do they protect?

I had a look at the FSA site for complaint procedures. It seems they spend more time trying to discourage you from complaining. If I have a dispute with a firm. I have to resolve it first with the firm. ....

Which explains why a lot of trading companies get away with all sorts even though they claim to be regulated by the FSA.

FSA don't seem to carry the same amount of fear as their US counterpart. Has anyone had any dealings with them?

At the end of the day, they are a self-serving organisation, of no use to the public

rog1111

coolTrader said:

I had a look at the FSA site for complaint procedures. It seems they spend more time trying to discourage you from complaining. If I have a dispute with a firm. I have to resolve it first with the firm. ....

Which explains why a lot of trading companies get away with all sorts even though they claim to be regulated by the FSA.

FSA don't seem to carry the same amount of fear as their US counterpart. Has anyone had any dealings with them?

Click to expand...

FSA is first and foremost designed to protect retail clients, the general public, and the "integrety of the markets". Most trading rooms and FSA registered brokers and clearers get all clients to sign a Catagorisation form. If you are classified as an experienced or intermediate client, once you sign to agree that catagorisation you waive most if not all of the protection FSA has to offer.
By definition you know what you are doing and understand exactly what you are entering into.
I assume you have signed such a catagorisation and this is the reason for FSA's lack of interest.
That said it would be interesting to know more about the nature of the dispute.

If you have issues, a solicitor with expertise in the area will get you far faster and more effective results than appealing to the FSA. I know of a number of instances where appeals to FSA were unsuccessful but private action succeeded. I think FSA will be less concerned with the plight of an individual but more active when it comes to larger scale abuse.

Oh, and incase they're reading this, I think they do a good job.
Don't you just love those web based compulsory training programs?

hmm. Thanks for the feed back. I believe that they should have the resources to take care of the public. Seeing that the industry is growing. A phone call to say I have this problem what should I do. Talking to some of these brokerage firms is a waste of time.

I have been trying to get some money of my broker which they have said they will give been waiting for months now.

To fund the account is instant to give back the money is a problem. I have several accounts with different companies and I have not experienced anything like this. Even with spreadbetting companies.

Are you a dissatisfied SB trader who has one or more of the following complaints against your online broker?

1,Fraudulent promotions

2,Delayed or failed trade executions, confirmations, or cancellations.

3, Incorrect trade executions.

4, Account access problems due to trading system delays

5, Failure to provide promised services

6, Substantial money losses not due to normal investment risks.

7, Unwillingness to acknowledge mistakes and accept responsibility.

8, Endless excuses

But onlineTraders, who actually go through the trouble of filing formal complaints with securities regulators represent only a very small percentage of the total number of dissatisfied online investors. So do something about it, dont let it drop, if you have a legitimate complaint against your online broker and it is unwilling to accept any responsibility and to resolve your complaint fairly. look at financial-ombudsman, Trading Standards, FSA, Watchdog, Papers they always looking for a story, spread the news on the WEB Such as T2W and others sites, Here is some useful links on other organisations http://66.249.93.104/search?q=cache...+financials&hl=en&gl=uk&ct=clnk&cd=1&ie=UTF-8

They been getting away with far to long, lets put a stop to it NOW!

You sound like somebody with an axe to grind.
Someone screw*d you over Laptop?

twalker said:

You sound like somebody with an axe to grind.
Someone screw*d you over Laptop?

Click to expand...

Hi twalker

I'm waiting for a power of attorney to take over an account. Which I'm going to fight a case for. The firm in questions is Worldspreads . it will be all documented on worldspreads thread. I will be also be involving other sources.

coolTrader said:

I had a look at the FSA site for complaint procedures. It seems they spend more time trying to discourage you from complaining. If I have a dispute with a firm. I have to resolve it first with the firm. ....

Which explains why a lot of trading companies get away with all sorts even though they claim to be regulated by the FSA.

FSA don't seem to carry the same amount of fear as their US counterpart. Has anyone had any dealings with them?

Click to expand...

I've not had any direct dealings with them but it seems they like to discourage /anyone/ from taking the risk of becoming a trader.

I found it amusing as a forex trader when I tried to sign on with a British branch of a forex firm that I needed six months of experience to become a trader according to the regs of the FSA. And how do I get this experience? Well, as I'm self-taught it would appear I have to go abroad.

...abroad to a different branch of the same forex broker which offers sterling accounts anyway. You'd think if they were serious about this they'd actually ban people from even having accounts like that. I think they're just being awkward personally. That or they're just passing the buck and letting other regulatory bodies deal with it.

Going on what you have said, I'd say they spend most of their time passing the buck.

Anyway, I'm now trading quite successfully (thanks to the relative strength of the dollar recently, though that's now turned) thankyouverymuch FSA.

Good luck
--
Dan