I refer to your email of 23 June.
I would reiterate that following an investigation into your account, we reached the conclusion that you were able to by-pass our checks that would otherwise have prevented a stop loss being placed with a buy price lower than the market price or a stop order being placed with a sell price greater than the market price and that as a result, you were able to make a profit which was manifestly incorrect.
Clause 10.2 of our terms and conditions states that “WS reserves the right to ….. void any bet involving or deriving from a Manifest Error…”. In addition, clause 10.3 of our terms and conditions states “…. the client must …. not gain any unfair advantage by such Manifest Error….”.
We believe that the three trades you placed on 7 May were the result of a Manifest Error and therefore we have voided those trades and the entries on the various statements you refer to.
Whilst we have, as a matter of good faith, refunded the initial £2,000 deposit that you placed with us on 5 May, we are not willing to pay you the profit that you “earned” on the above-referenced 3 trades which, in our view, was the result of a Manifest Error.
This is my final response. If you disagree with my response you remain entitled to approach the Financial Ombudsman Service (see link below) whose role it is to settle complaints if you do not agree with my decision:
http://www.financial-ombudsman.org.uk
DDDDD
General Counsel and Group Head of Compliance
WorldSpreads Group PLC
Dear DDDDD
Thank you for your email
I always change my trading strategy to find out which way are better. I
use the trading platform which World Spreads is offering to all
customers not just me. The price World Spreads offers is to all
customers, also I placed the order needs World Spreads' final decision, accept
it or not. World Spreads accepted my orders, which mean they agree
with it, there was no manifestly incorrect from customer’s side.
On 12 MAY, I requested withdraw my fund £5160. On 14 MAY, I received
a statement from World Spreads, the statement shows the £5160 has been
sent to me on 12 MAY. Because I haven’t received the fund in following
a few days, I made phone calls more than 5 times to World Spreads
contact number 020 73985220. Every time I was told that the fund has
been sent to me, the fund has left World Spreads account on 12 MAY, and they asked me to check
with my bank. On 16 JUN I received your email. I finally realize that
the fund wasn't send to me at all in May. World Spreads customer’s
services on 020 7398 5220 were lying to me. I can’t believe that a FSA
Registered and listed firm sent a false statement to their customer
and gave all wrong information to cheat their customer.
I hereby request the following 2 things:
1: send the profit I made which £3160 to me immediately
2: send me a copy of telephone conversation record between me
and World Spreads from 12 MAY to 16 JUN.
Looking forward to hearing from you!
Regards
HHHHHH
Dear HHHHH
I refer to our telephone conversation of earlier today and have now looked into your account.
It appears that on 7 May, you changed your trading strategy in that the stakes placed by you were significantly higher than those placed before. Additionally, the trades lasted only a few minutes each. As a result, we investigated the trades. We have concluded that you were able to by-pass our checks that would otherwise have prevented a stop loss being placed with a buy price lower than the market price or a stop order being placed with a sell price greater than the market price.
As a result, you were able to make a profit which was manifestly incorrect.
I would refer you to clause 10.2 of our terms and conditions which states that “WS reserves the right to ….. void any bet involving or deriving from a Manifest Error…”.
I would also refer you to clause 10.3 of our terms and conditions which states “…. the client must …. Not gain any unfair advantage by such manifest Error….”.
We believe that the three trades you placed on 7 May were the result of a Manifest Error and therefore we have voided those trades. We have today refunded the initial £2,000 deposit that you placed with us on 5 May: however, we are not willing to pay you the profit that you “earned” on the above-referenced 3 trades as that profit was the result of a Manifest Error.
DDDDDD
General Counsel and Group Head of Compliance
WorldSpreads Group PLC
