They said the slippage problems were due to their "risk model"...lol, whatever that means.
They did ask for a a signed letter (through the post) to close the account plus an original bank statement to refund money. Seems a bit long winded to withdraw funds...but apparently its FSA regulation.
'Risk model' translates as, 'If we think a customer might be profitable at our expense, we'll turn up the designer slippage factor to see if that gets rid of him.'
When I queried a similar matter relating to spread betting with the FSA they said there were no 'regulations' as such, and it was just mostly just down to a particular company's policy. This seems to explain why some SB accounts can be opened on-line in minutes while others need all sorts of docs to prove ID.
