On the subject of T & C they are a contractual obligation..if you are truly pissed at the way they are misinterpreted you also have the option of small claims which from my experience will be quicker than an omsbudsman...the little guy will also get the edge on any arbitrary , or subjective points..at last time of looking court/application fees ran circa £40-£150 with a claim limit of £5k..simple to do
Evening Steve, Thanks for taking the time to post on the original subject of the thread. It did start to get alittle of subject there, not that I mind of course, exchange of information is king imho, I really like sites like these.
Yes, I looked into the Small Claims Court situation but a friend who is a bit of a legal eagle has suggested that the FSA and Ombudsman should be very interested in what has gone on as spreadbetting is still really an expanding new business. The only way the FSA are going to really learn the problems that the 'grass roots' users have to put up with is if the punters inform them of situations that have cropped up and then not been dealt with correctly.
I do plan to take IG to court to recover the monies they have cheated from me. However, a positive outcome from the enquires made by the FSA / Ombudsman could almost leave the court case as a formality if they indicate that my complaint is fully justified.
So the advice that I have had from my friend is basically to prepare the case notes carefully and not to hurry things jut to "get my day in court". It is infact sound advice which one hopes will result in a satisfactory outcome. It would be good however if it did go to a hearing and I could directly question IG's legal representative on his rather peculiar interpretations of the T&C - I'm fairly sure from reading the last few letters that IG have sent me that the guy in question would be tied up in knots !
The outcome of the case does, of course, have wider ramifications for IG Index. If I am successful then IG will have to offer the service they advertise and start processing orders in the manner laid out in the T&C. In essence that is, in my opinion, the reason why IG couldnt find in my favour on this issue when I first contacted compliance. I think they knew that they couldnt allow a customer to complain that an order hadnt been excepted. You see, over a period of time it would seem that dealers have become conditioned to tell customers that according to the T&C they have no right to expect orders filled at quoted prices. This is obviously untrue and the T&C show that for an instruction to be declined the order has to be invalid at the time it is placed.
If IG would have excepted my complaint and upheld it then it would have also been obvious to them that I would tell others about my successful challenge. This then presents obvious problems for them - ie other people starting to challenge them too.
In the end I hope the outcome of the case will be of benifit to all. The financial authorities need to take a close look into the world of spreadbetting and make some hard and fast rules which all companies should have to adhere to. There are two many companies about that what to have it both ways or operate their platforms in such a way as to extract a big edge (as well as a big spread).
Hi Guys and Gals. First time post and very worrying IG thread. I use City Index and scalp regularly all day. Whilst agreeing about the spreads I keep the order window open when nearly ready to deal which updates once a second and have never had a problem even with large bets. One day when my computer froze and I missed a price they even gave me that price on the phone after the market had moved away from me. And no I dont work for City Index I just trade from home, sometimes winning but it seems moreoften losing.
One day when my computer froze and I missed a price they even gave me that price on the phone after the market had moved away from me. And no I dont work for City Index I just trade from home, sometimes winning but it seems moreoften losing .
I am just looking at spreadbetting..and looking at goldline as the provider of softwear £5000 for this system, and then reading this blackhole betting company...makes me think again..where is the fully legit handle... I like others, know we have to win and loose but if its loaded like this against us...will make me think long and hard
I don`t think it`s all as bad as it sounds. I feel sorry for these Guys and fully support them if they have been ripped off. I have not used IG so I don`t know but my experiences with City Index have only been good despite the spreads. I like tax free trading. Let me know what you think of Goldline as I was thinking of this myself. I get fed up sitting in front of the screen all day.