Broker claims to have misheard me - was he trying it on due to the market going up?

[neil9327]

This afternoon I called CMC to ask for the spread on the cash FTSE100 for £30/point. The broker said 5563. I said buy £30/point. He said that's all confirmed at 5564 for £20/point. I said no I said £30/point. He said no I said £20. He added that I could put the extra position on but then said it was 5571 so I said yes put it on at 5571, joking to him that I had already made a little money as the market had moved up during the transaction.

But thinking about it now I wonder whether he saw the market move up and pretended to mishear me to reduce my profits by £10 * 7?
Or am I being paranoid and he genuinely misheard me (in which case I won't chase it up)?
It is £70 so is worth thinking about.
If so do I have any redress with CMC? Afterall I did say £30/point twice and it will all be on tape.

Thanks

 

[darktone]

This afternoon I called CMC to ask for the spread on the cash FTSE100 for £30/point. The broker said 5563. I said buy £30/point. He said that's all confirmed at 5564 for £20/point. I said no I said £30/point. He said no I said £20. He added that I could put the extra position on but then said it was 5571 so I said yes put it on at 5571, joking to him that I had already made a little money as the market had moved up during the transaction.

But thinking about it now I wonder whether he saw the market move up and pretended to mishear me to reduce my profits by £10 * 7?
Or am I being paranoid and he genuinely misheard me (in which case I won't chase it up)?
It is £70 so is worth thinking about.
If so do I have any redress with CMC? Afterall I did say £30/point twice and it will all be on tape.

Thanks

Paranoid! If i was the dealer 'tryin it on' id have said "youve been filled for £13pp @64" and put the phone down! lol :cheesy:

 

[PualoP]

All conversation will be recorded for FSA regs. just in case of discrepancies like yours. So if you've got a real beef with it, just ask to hear the recording/get a copy.

 

[Splitlink]

All conversation will be recorded for FSA regs. just in case of discrepancies like yours. So if you've got a real beef with it, just ask to hear the recording/get a copy.

A dealer's mistake at City Index, years ago, now, was corrected by the tape recording.
However, you must know the exact time of it otherwise, with so much going on, they might say that they can't find it. I was lucky, living abroad, it was an international call and Telefonica had them all listed and sent me the whole lot but if it had been a local call, I would have been up the creek.

Split

 

[zambuck]

....Yes.....

It is all recorded so when in doubt just claim that there is a 'dispute' and ask evidence of recording....

Do it asap....

 

[foredog]

From the way the markets were moving i'd guess he was just very busy and made a genuine mistake......easily done, I've been that end myself and sometimes phonelines can crackle or something and you ust mishear.

Also it would be a bit worrying if CMC had, making millions instructed it's dealers to try and scam £70 from clients!

contact them ,you've nothing to lose and they may credit you the £70 as a goodwill gesture...or they might tell you to take a hike! you won't know until you try

 

[trendie]

A dealer's mistake at City Index, years ago, now, was corrected by the tape recording.
However, you must know the exact time of it otherwise, with so much going on, they might say that they can't find it. I was lucky, living abroad, it was an international call and Telefonica had them all listed and sent me the whole lot but if it had been a local call, I would have been up the creek.

Split

the trading statement usually records the time and date of the transaction, doesnt it? does on mine.

there are loads of (cheap) phone call recording gadgets on the market; record to mp3, or PC, etc.

 

[ns1000]

the trading statement usually records the time and date of the transaction, doesnt it? does on mine.

Only really works when your disputing an existing trade, not if they haven't booked one you've done.

 

[neil9327]

Hi well I sent them a polite email disputing the trade, and good news, they've listened to the tapes and confirmed that I had placed a £30 trade. So they've agreed to credit the account by the £70.

I guess the key thing is that I put on the extra £10 as a trade straight away so that the query was only £70 rather than much larger (due to the market moving up sharply later in the day).

Well done CMC

After listening to the recording of the conversation yesterday when you placed the said trade, it is clear that you did in fact request a £30 long bet on the UK100 at the Offer price of 5564.

If you look in your all orders blotter, you will see this has been corrected as you requested and put you back in your originally requested position. Please accept my apologies on behalf of the dealer for the mistake.

 

[Splitlink]

the trading statement usually records the time and date of the transaction, doesnt it? does on mine.

there are loads of (cheap) phone call recording gadgets on the market; record to mp3, or PC, etc.

Yes, but my problem was that they said that I had a trade open when, in fact, I had closed it. So, of course, there was no contract note. I had to get those times, myself.

With local calls, at least, in those days, one didn't stand a hope. Only the international calls were registered and that was where I was lucky.

Split