echelon?
there was a message on my screen yesterday to say my account has been disabled. I think they may have gone out of business as it has been nearly 34 hours and no official anouncement as yet
there was a message on my screen yesterday to say my account has been disabled. I think they may have gone out of business as it has been nearly 34 hours and no official anouncement as yet
Called the FSA and their head office is aware of the situation. There was nothing more they could tell me at that point in time. Suggested there would be an update towards the end of the day / Monday. I have a bad feeling about this. Any other account holders got anything to add?
FSA investigation
I had an email from a fellow trader who contacted the FSA about echelon and they said they will know more about it on Tuesday?
Let's keep our fingers crossed they have not gone out of business!
Andreas
I had an email from a fellow trader who contacted the FSA about echelon and they said they will know more about it on Tuesday?
Let's keep our fingers crossed they have not gone out of business!
Andreas
They are regulated by the FSA (spoke to a nice lady there!) and if they have gone bust your money is safe up to £46k apparently. The problem is that the claims process is handled by the FSA themselves and takes time to go through the system, and as it's a spread betting account it's doubly complicated to claim so it could well be a long wait for payback, but at least you will get your money.
Having said that, they are part of ManGroup plc so I'm hoping for some kind of rescue.....
Having said that, they are part of ManGroup plc so I'm hoping for some kind of rescue.....
Hi
I just spoke to the FSA again and they indicated probably Monday to understand the situation (said they had been getting loads of calls about it). I asked whether they were covered under the compensation scheme and they put me onto the Financial Services Compensation Scheme - 0207 892 7300 ( ). I spoke to them and they indicated that I would be covered up to £48k (first £30k = 100%, next £18k =90%). I am well below this and hence feel slightly less stressed.
Cheers
Matthew
I just spoke to the FSA again and they indicated probably Monday to understand the situation (said they had been getting loads of calls about it). I asked whether they were covered under the compensation scheme and they put me onto the Financial Services Compensation Scheme - 0207 892 7300 ( ). I spoke to them and they indicated that I would be covered up to £48k (first £30k = 100%, next £18k =90%). I am well below this and hence feel slightly less stressed.
Cheers
Matthew
andybrthetford
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Thank you very much for that info, things will become clearer next week. I guess the claims procedure will not be commenced for some time and recovery of funds will be lengthy
many thanks Rob, at least there is some reassurance. but i hope the lady knew the law!
Much appreciated
andreas
Hi,
Thanks to everyone for all the information. I only have £2,027 with Echelon but I have no way of proving this as I don't have any statements or screen prints etc. I can prove I deposited £2,000 with them back in April, but that's it. Any advice?
Many thanks,
James
Thanks to everyone for all the information. I only have £2,027 with Echelon but I have no way of proving this as I don't have any statements or screen prints etc. I can prove I deposited £2,000 with them back in April, but that's it. Any advice?
Many thanks,
James
I'm no lawyer but my guess is that if you can prove you deposited the money, then Echelon - being bound by FSA regulations - should have an accurate record of your trades and the state of your account. From that they can deduce what you are owed. As good practice you should be keeping a record of your trades anyway, if you have, then the two records - yours and theirs - should tally.
But like I said, I'm no lawyer.........
But like I said, I'm no lawyer.........
...."a bell-end who has never traded a day in his life"
I'm not part of his fan club, but I presume you can back that statement up with evidence?
As for the kickback's, well everyone gets referral kickbacks from someone - including T2W - but Echelon haven't supended trading because of Greg Secker or anyone else, and personally I haven't had any major problems with them until now.
If anyone out there has ever used a broker that has been 100% problem free from day one, I'd love to hear from them.
I'm not part of his fan club, but I presume you can back that statement up with evidence?
As for the kickback's, well everyone gets referral kickbacks from someone - including T2W - but Echelon haven't supended trading because of Greg Secker or anyone else, and personally I haven't had any major problems with them until now.
If anyone out there has ever used a broker that has been 100% problem free from day one, I'd love to hear from them.
Hi Rob,
Thanks for the advice and, yes, I do keep a record of all my trades so that will certainly help with cross-referencing. It did occur to me that as they are regulated by the FSA they would have to keep accurate records. I guess we'll have to wait and see.
To FTSE in mouth (clever name by the way) - I am a student of Greg Secker's Uni and I can't blame Greg for EM going bust. Sure, I knew he would get kickbacks but I didn't have to go with Echelon - I could have gone with one of the larger companies as all the trainers used and advised. The words gate, horse and bolted spring to mind - that's the beauty of hindsight; you always know what you should have done.
Good luck to everyone with whatever you're doing and to all those with money tied up with Echelon, I hope you get it all back sooner rather than later.
All the best
Thanks for the advice and, yes, I do keep a record of all my trades so that will certainly help with cross-referencing. It did occur to me that as they are regulated by the FSA they would have to keep accurate records. I guess we'll have to wait and see.
To FTSE in mouth (clever name by the way) - I am a student of Greg Secker's Uni and I can't blame Greg for EM going bust. Sure, I knew he would get kickbacks but I didn't have to go with Echelon - I could have gone with one of the larger companies as all the trainers used and advised. The words gate, horse and bolted spring to mind - that's the beauty of hindsight; you always know what you should have done.
Good luck to everyone with whatever you're doing and to all those with money tied up with Echelon, I hope you get it all back sooner rather than later.
All the best
FTSE in mouth
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Apologies for the mis-communication. I didn't want to insinuate that Secker had anything to do with Echelon WM's downfall and I don't think that at all.
I'll elaborate on my original comment later as it's a busy day.
First and foremost I am sorry that you guys are going to have to wait to get your cash back and it sucks. I don't wish that on anyone.
I'll elaborate on my original comment later as it's a busy day.
First and foremost I am sorry that you guys are going to have to wait to get your cash back and it sucks. I don't wish that on anyone.
I have just seen on another forum that the FSA website says Echelon have gone into liquidation. I'm not familiar with the FSA website so still trying to confirm that, but thought someone on here might know where to look?
Does that mean we can start the "compensation" process now?
Does that mean we can start the "compensation" process now?
in which forum did you read this pls ? thanks for your help
