IGindex requoted already closed trade?!

No - I opened it and closed it within 45 minutes. After a period of time they must have realised that their price had drifted or that they hadnt factored something in so they edged price towards that of the other firms who were quoting. At that point I closed and logged out for the evening. For whatever reason it was a rarely used account so it took me some time before I spotted it.
 
stevespray said:
One firm (not IG) once cancelled an overnight bet I did on the German Dax. They failed to notify me and I only found out about it when I was checking my account statement some weeks later. I approached them and informed them about the 'error' on my statement. They said that they'd cancelled the bet and adjusted my account accordingly as they felt that the price quoted was incorrect (their quote had drifted some way from a couple of other comparable quotes). I specified that I was not accepting the alteration as I had contract notes for the sale. A couple of weeks of emails went back and forth as the matter esculated to compliance level. Compliance said that they were withing their rights to cancel any bet retrospectively and specified that they would not enter into any further communication on the matter. I sent them a recorded delivery specifying that court action would start on the Monday morning if the funds were not returned to my account by 5pm that Friday and that I would enter into no further communications with them and that I would be charging them legal fees if I started legal proceedings before the paid up (in other words it was going to cost them if they waited for the summons). Under the pressure the wilted and returned the funds to me.
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Clearly they failed to notify you, secondly the aberration might not have been that much justifying an correction.
 
stevespray said:
One firm (not IG) once cancelled an overnight bet I did on the German Dax. They failed to notify me and I only found out about it when I was checking my account statement some weeks later. I approached them and informed them about the 'error' on my statement. They said that they'd cancelled the bet and adjusted my account accordingly as they felt that the price quoted was incorrect (their quote had drifted some way from a couple of other comparable quotes). I specified that I was not accepting the alteration as I had contract notes for the sale. A couple of weeks of emails went back and forth as the matter esculated to compliance level. Compliance said that they were withing their rights to cancel any bet retrospectively and specified that they would not enter into any further communication on the matter. I sent them a recorded delivery specifying that court action would start on the Monday morning if the funds were not returned to my account by 5pm that Friday and that I would enter into no further communications with them and that I would be charging them legal fees if I started legal proceedings before the paid up (in other words it was going to cost them if they waited for the summons). Under the pressure the wilted and returned the funds to me.
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The TS should do this!

While we're kicking analogies around, there must be one where you place a bet on the gee-gees, back the winner, then find out next day that the bookie has taken your winnings back because he thought the race was at Newmarket, not Ascot, the rest of the runners had three legs, and it snowed. The parallel is (maybe) that none of that matters, because you had a contract.
 
The is no law which makes a bookie, in terms of sports bets, have to pay out. The only thing which motivates them to do so is reputation.
 
gle101 said:
You guys seems to have a problem remembering the MiFID.:)

Financial spread betting and sports betting are two different things.
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When I was involved with a SB complaint, the FOS didn't seem to think MiFID made much difference.
 
Quite frankly the FOS is a complete waste of time, space and money.

I had dealings with them over a case about eight years ago and then again a few years later when I was handling something for someone else.

They have a very interesting way of dealing with complaints. Basically if your complaint is strong and you provide supporting evidence then they will find reasons to ignore or disregard that evidence. When I questioned them directly on this they stated that they are a ‘dispute resolution service’ and not ‘a court of law’ and admitted that if my particular case went to court then the potential outcome would more than likely be quite different. I found that remarkable.

Even when I presented what appeared to be overwhelming evidence of a breach of T&Cs the FOS appeared reluctant to find in the clients favour. Instead they ducked and dived and came up with sentences like ‘even though the T&Cs have not been followed to the letter we cannot see that this has been to the detriment of the client.’ – In other words, despite the fact that in our opinion the client had lost out, and the relevant T&Cs had been ignored, somehow they managed to construct a reply that made out that the firm in question had acted reasonably. Again quite remarkable! Of course, had the T&Cs been followed then the complaint would never had arisen – this is the normal ‘test’ in any kind of case like this but that was lost on the FOS!
 
The FOS came down on my side, but they do seem to take a long time to do not very much. Their main use is that any case referred to them costs the SB company money and time, which they obviously want to avoid.
 
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