CMC Complaint & Ombudsmans Response

Cheers Phil

I mean for YM i.e. the DOW? worldspreads appears to be 2points not two. Also, which GFT do you mean? Seems there are a few.

Please note I'm referring to spreadbetting firms in the above not CFD/Futures or other instruments - thanks.
;)
 
seguna said:
Cheers Phil

I mean for YM i.e. the DOW? worldspreads appears to be 2points not two. Also, which GFT do you mean? Seems there are a few.

Please note I'm referring to spreadbetting firms in the above not CFD/Futures or other instruments - thanks.
;)
Click to expand...

They may call it something else, but the YM future is the underlying market.
<< WS appears to be 2points not two.>> Erm, don't know what you mean?

GFT UK.
 
Hi Phil

You're right, GFT's pricing on the rolling DOW during US market hours is 2 points!

DO you have any knowledge how reliable their execution is?

Their near month futures spread is 8 points though.
:)
 
KillPhil08 said:
tomtom update?
Click to expand...

Hi there Phil,
Due to the fact that FOS did not take into account all the relevant evidence I have supplyied I have requested for this to be looked at again. Yesterday I received that FOS has made its discission and that was final. In my opinion this case out of there depth, after 15 months all I got was a basic reply ( what a joke )

Now I have spoken with a London Layewer that specializes in FSA and this type of case and he tells me that he can deal with it. I can not tell on this board all , however for none complice with commissioner office for none supply of transcripts ( and charging £105 and not the standard £10) the fine for CMC could be £50K as this was requested on more than one occasion.

For a firm dealing with information that is relied on to do business ( brokers ect ) not to have dealers telephone conversations recorded is again in breach of FSA Markets Act 2000 and has left CMC open to market abuse. The sentence for such finding is a custodial sentence if the findings show fowl play.

So he tells me CMC are already in hot water all it requires is Legal Action, this action is likely to cause CMC ( its owners and directors ) lots of inconvenience plus FSA & plus office fines.

Due to the way CMC have treated me I have decided to let this layewer do his work, it will cost £5k on account pluss £380 per hour.

The rewards to myself are £80K from when the dealer declined my intructions plus 700 days of distress compensation while this has been going on then other damages.

This will likey to cost me in the region of £15-20K but I want justice.

Will update when its apropiate.

Will they settle before court ?

If they attempt to it will be denieyed.

As for the person who delt with this case at FOS, this really does show that our system/people in UK for dealing with our complaints are a sleep at the wheel, its a joke.
 
Good luck TomTom.
This is why the financial industry is in such turmoil it is becuase of the same greedy...

I really do hope you make an example of CMC market. Seeing that FSA is still not doing its job.

When you do win I hope the press gets wind of it and use them as an example.

I really do hope you win. I know what I went through but I did not lose overall from them as soon as I was up 1000%. I was not being closed out at my price I called to complain. They asked me to supply them with a file. Which I could not find.

There is an automatic re-routing of trades and someone sits and gives you a price off their backside.

I will advice when people have problems to write and complain to them stating the problem. They have to report on the complaint.
 
TomTom said:
Hi there Phil,
Due to the fact that FOS did not take into account all the relevant evidence I have supplyied I have requested for this to be looked at again. Yesterday I received that FOS has made its discission and that was final. In my opinion this case out of there depth, after 15 months all I got was a basic reply ( what a joke )

Now I have spoken with a London Layewer that specializes in FSA and this type of case and he tells me that he can deal with it. I can not tell on this board all , however for none complice with commissioner office for none supply of transcripts ( and charging £105 and not the standard £10) the fine for CMC could be £50K as this was requested on more than one occasion.

For a firm dealing with information that is relied on to do business ( brokers ect ) not to have dealers telephone conversations recorded is again in breach of FSA Markets Act 2000 and has left CMC open to market abuse. The sentence for such finding is a custodial sentence if the findings show fowl play.

So he tells me CMC are already in hot water all it requires is Legal Action, this action is likely to cause CMC ( its owners and directors ) lots of inconvenience plus FSA & plus office fines.

Due to the way CMC have treated me I have decided to let this layewer do his work, it will cost £5k on account pluss £380 per hour.

The rewards to myself are £80K from when the dealer declined my intructions plus 700 days of distress compensation while this has been going on then other damages.

This will likey to cost me in the region of £15-20K but I want justice.

Will update when its apropiate.

Will they settle before court ?

If they attempt to it will be denieyed.

As for the person who delt with this case at FOS, this really does show that our system/people in UK for dealing with our complaints are a sleep at the wheel, its a joke.
Click to expand...


if you get the ball rolling get some media coverage in on it as well in the right places... ie not chums of cmc.
 
francisfinley said:
if you get the ball rolling get some media coverage in on it as well in the right places... ie not chums of cmc.
Click to expand...

This is going to get nasty for CMC and its directors for failing in areas of FSA and Commissioners Office procedures/compliance.

Lets see how things develop ?

I do know that two firms that do shows for TV are interested in interviewing me, however Im not going to cause interested advertising for CMC until other avenues have been explored.
 
TomTom
Glad to hear it. Whatever you do, make sure you have the funds to finish what you start. Proceed cautiously and make sure YOU manage your lawyer.

I don't care how good he/she is and what their reputation is - MANAGE THEM.i.e. make sure they are on top of everything and let nothing slip. Make sure they don't waste YOUR money on account. Make sure they progress your case in the most expedient way without dragging things on needlessly because it's to their £££ advantage to do so - even if they get the right end result. Please beware of this.

In virtually every litigious matter I've been involved in, this has been necessary. A good lawyer will do an excellent job but they won't do WHAT YOU'RE SUPPOSED TO DO and they cannot advise WHAT YOU'RE SUPPOSED TO TELL THEM. You have to tell them everything about the case including what you may think is unimportant - everything! Give them full arrmour to fight with.

Sorry if I sound bossy/passionate but I really want you to succeed in your efforts!:clap: The 'system' is just too biased against the 'little guys'.(n)

Also, unless you really want to make an example of CMC, do consider an out of court settlement as it may be more generous. I guess it depends if they are repentant and apologetic or if they try to bolshy you into a token settlement.

All the best and do keep us posted.
 
seguna said:
TomTom
Glad to hear it. Whatever you do, make sure you have the funds to finish what you start. Proceed cautiously and make sure YOU manage your lawyer.

I don't care how good he/she is and what their reputation is - MANAGE THEM.i.e. make sure they are on top of everything and let nothing slip. Make sure they don't waste YOUR money on account. Make sure they progress your case in the most expedient way without dragging things on needlessly because it's to their £££ advantage to do so - even if they get the right end result. Please beware of this.

In virtually every litigious matter I've been involved in, this has been necessary. A good lawyer will do an excellent job but they won't do WHAT YOU'RE SUPPOSED TO DO and they cannot advise WHAT YOU'RE SUPPOSED TO TELL THEM. You have to tell them everything about the case including what you may think is unimportant - everything! Give them full arrmour to fight with.

Sorry if I sound bossy/passionate but I really want you to succeed in your efforts!:clap: The 'system' is just too biased against the 'little guys'.(n)

Also, unless you really want to make an example of CMC, do consider an out of court settlement as it may be more generous. I guess it depends if they are repentant and apologetic or if they try to bolshy you into a token settlement.

All the best and do keep us posted.
Click to expand...



Hi Seguna,
Thankyou for your words of advise. At the end of the day all I want is for CMC be accountable for there actions, by this putting things right.
There is one important factor here, that is it has been nearly years since I first complained, taking in to account that has not complied with FMA 2000 (cant go in to this here) there are other matters that are to be addressed. These matters include FSA and Commisioners Office so this now has become official.
This was not the road I wanted to go down, but in the light of CMCs actions regarding my complaint against them for not accepting my instructions and taking money for transcripts ect also then not been able to find them on there systems leads me to believe, things are not quite as they should be.
I fore see CMC been fined by Comissners Office (up to £50k ) FSA fine (up to £200K ) then myself been reimbursed for there actions together with two years of stress/ansziertey.

AllI hope is that Comissiners Office or FSA do not recomend a cusdodial sentence for any of CMCs Directors over this isshue
 
If you need to close quickly to lock in your profits and the SB company offers phone dealing only, don't hang around and watch your profits go, shift your stop loss one pip behind the current price, so on a fall you will be stopped out near enough where you wanted to get out of the trade.
 
Some SB companies don't allow you to put your stop loss that close, and only allow you to place it 6+ points away, which at 2000 per point is still a significant amount. And furthermore, even if you did that, there is no guarantee they would close that order due to the size.
 
Last edited:
Shakone said:
Some SB companies don't allow you to put your stop loss that close, and only allow you to place it 6+ points away, which at 2000 per point is still a significant amount. And furthermore, even if you did that, there is no guarantee they would close that order due to the size.
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Even refused to clip it, IE close in smaller size lots/bets

Also all internet dealing was refered to phone, CMC did not honner that bet plus as a execution only firm acted against there terms and conditions.

Hey we shall see how this develops over a short amount of time :smart:
 
Shakone said:
Some SB companies don't allow you to put your stop loss that close, and only allow you to place it 6+ points away, which at 2000 per point is still a significant amount. And furthermore, even if you did that, there is no guarantee they would close that order due to the size.
Click to expand...


Example:

I went long gold last week at 998, on one of my SB acccounts at £1000 per pip, with a guaranteed stop of two and a half pips, when gold surge to $1005, I wanted out and only phone dealing was offered.

I moved my guaranteed stop from 995.5 to 1004.9, I was eventually stopped out near enough where I wanted out, with my profit in tack.


"Phone only", is the oldest trick in the book for these SB companies, that is why I prefer to use SB companies with guaranteed stop losses, so they can't stiff me out of MY PROFITS.
 
yessir said:
Example:

I went long gold last week at 998, on one of my SB acccounts at £1000 per pip, with a guaranteed stop of two and a half pips, when gold surge to $1005, I wanted out and only phone dealing was offered.

I moved my guaranteed stop from 995.5 to 1004.9, I was eventually stopped out near enough where I wanted out, with my profit in tack.


"Phone only", is the oldest trick in the book for these SB companies, that is why I prefer to use SB companies with guaranteed stop losses, so they can't stiff me out of MY PROFITS.
Click to expand...
Which SB company offer a guaranteed stop loss this close to the present level?
 
interesting thread, flying 'under the radar' of the SB companies is the right strategy IMHO. £1,000 a pip? not in my widlest dreams, or nightmares. ;) There is more than anecdotal evidence that if you try and be a big swinging dick player the SB co's pay you special attention. You have my sympathy Tom (on the basis that everything you're reporting is true) but I'm sorry to say this; you only have yourself to blame. To imagine you can simply take that kind of position and not set off alarm bells at CMC is naive in the extreme.
A cracking lesson to anyone considering using one of the SB firms; fly low and true. Want to make £100-250K a year? Then try to make 10-20K a month and sleep well.
 
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