francisfinley
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Hi all,
there are several reports out yesterday / over the weekend "Mr Spencer's private vehicle IPGL Limited" spreadbetting venture is near its banking covenants. i have emailed city index to ask if my money is guaranteed.
Not really the answer I was looking for. May put my money into my other broker.:!:
Michael Spencer forced to inject £70m as City Index clients default - Telegraph
"I have included the relevant section of the Terms and Conditions that cover client funds.
If this is insufficient or you require more information please let me know.
22. Regulatory Provisions
Money
22.1 This clause 22.1 only applies to you if we have entered into a separate agreement with you (i.e. in addition to these Terms) agreeing that this clause 22.1 applies. Where you transfer money to us, we will treat this as a transfer of full ownership of money to us for the purpose of securing or covering your present, future, actual, contingent or prospective obligations, and we will not hold such money in accordance with the Client Money Rules. Any money received by us from you or a third party for your Account will subject to all other provisions of the Terms be owed by us to you. Because full ownership of the money is transferred to us, you no longer have a proprietary claim over the money and we can deal with it in our own right. If we have closed all Accounts you have had with us and you have paid to us in full all amounts you owe us and have no further present or future obligations to us, we will transfer to you an amount equal to any money you paid to us for your Account that remains after all amounts you owe us (under the Terms) have been paid and deducted (including in relation to all Accounts you have had with us).
22.2 If clause 22.1 does not apply to you, the Client Money Rules will apply.
22.3 In this clause “Client Money Rules” means the provisions of the FSA’s Client Assets Sourcebook relating to client money for firms carrying out MiFID business."
there are several reports out yesterday / over the weekend "Mr Spencer's private vehicle IPGL Limited" spreadbetting venture is near its banking covenants. i have emailed city index to ask if my money is guaranteed.
Not really the answer I was looking for. May put my money into my other broker.:!:
Michael Spencer forced to inject £70m as City Index clients default - Telegraph
"I have included the relevant section of the Terms and Conditions that cover client funds.
If this is insufficient or you require more information please let me know.
22. Regulatory Provisions
Money
22.1 This clause 22.1 only applies to you if we have entered into a separate agreement with you (i.e. in addition to these Terms) agreeing that this clause 22.1 applies. Where you transfer money to us, we will treat this as a transfer of full ownership of money to us for the purpose of securing or covering your present, future, actual, contingent or prospective obligations, and we will not hold such money in accordance with the Client Money Rules. Any money received by us from you or a third party for your Account will subject to all other provisions of the Terms be owed by us to you. Because full ownership of the money is transferred to us, you no longer have a proprietary claim over the money and we can deal with it in our own right. If we have closed all Accounts you have had with us and you have paid to us in full all amounts you owe us and have no further present or future obligations to us, we will transfer to you an amount equal to any money you paid to us for your Account that remains after all amounts you owe us (under the Terms) have been paid and deducted (including in relation to all Accounts you have had with us).
22.2 If clause 22.1 does not apply to you, the Client Money Rules will apply.
22.3 In this clause “Client Money Rules” means the provisions of the FSA’s Client Assets Sourcebook relating to client money for firms carrying out MiFID business."
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Should we feel sorry for him or the SB firms he owns ?
