Pacific Continental in Administration

[Gurah]

Although I read the T2W every day I haven't posted very often before, so bear with me!

Anybody else out there who has (did?) have an account with Pacific Continental Securities (UK)?
If you haven't heard they have gone into administration.

I previously thought that the funds in my trading account was MY money, and that I was simply using their platform, whilst they took commission from all trades.

However, I have received a letter today from the Administrators, in which it sounds ominous whether I will get any/some funds back!

Any body in the same boat, or can offer any more light on the situation?

Cheers,
Gurah

 

[Charlton]

Although I read the T2W every day I haven't posted very often before, so bear with me!

Anybody else out there who has (did?) have an account with Pacific Continental Securities (UK)?
If you haven't heard they have gone into administration.

I previously thought that the funds in my trading account was MY money, and that I was simply using their platform, whilst they took commission from all trades.

However, I have received a letter today from the Administrators, in which it sounds ominous whether I will get any/some funds back!

Any body in the same boat, or can offer any more light on the situation?

Cheers,
Gurah

I would suggest that you contact the Financial Services Authority and the London Stock Exchange, both of which I believe they were members for advice.

Your account should be protected under their regulations.

Charlton

 

[Gurah]

Thanks for the quick reply Charlton - much appreciated.

After looking at the two websites, seems like the Financial Ombudsman Service (FOS) is the initial route for enquiries.

Its a problem I had never thought about before when trading - just assumed I could always have immediate access to my money! The reality is that your money is sitting in somebody elses bank account!

 

[grantx]

Gurah,

Go to the FSA site and search for "Investors Compensation Scheme".

Basically, if a member/authorised firm goes under private investors' fund are protected up to around £35,000 or so. Obviously, it takes time for the process to unravel. Don't take my word as final as there may be caveats (but I doubt it).

These fckus operating these outfits deserve a good kicking. Why are they authorised in the first place?

Grant.

 

[Gurah]

Thanks Grant - much appreciated.

Found the link regarding compensation - it advises to contact FSA first, sounds a long and rocky road!.

Having dug a round a bit tonight, it appears these this Pacific Continental crew do not have a good record at all, despite the fact they were recommended by a friend of a friend who has (or did have?) £100k in his account with them!

Just shows, before you put any money in have a good look first - hindsight is a wonderful thing.

 

[adrianwhite]

Pacific Trader

Gurah we are in the same situation, however we have had some contact with the Administrators, FSA, Press, TV and there may be a light at the end of the tunnel!

However we need to make contact with as many other traders caught up in this mess, more traders more power to push the issues.

I APPEAL TO ANY TRADERS THAT HAVE GOT MONEY ON ACCOUNT AT PACIFIC TRADER TO CONTACT [email protected].

Thank You For Your Support In Advance!

Adrian

 

[DT]

Was about time this happened tbh... though they really ought to have been shut down a few years ago.

Still there are a few other firms out there following a similar business model - hopefully the FSA will deal with them in a similar way in due course - they have been a bit slow with paccon though

 

[pigs28]

Was about time this happened tbh... though they really ought to have been shut down a few years ago.

Still there are a few other firms out there following a similar business model - hopefully the FSA will deal with them in a similar way in due course - they have been a bit slow with paccon though

As a first time investor I foolishly deposited £6600 into two AIM share companies with PC. after being suckered over the phone via hard sell 2006. I only found out about the Administration via the Internet and did not receive a letter. Disgusting! I have contacted the FSA Claims and have sent a copy of my share certs to PC Admins. Can anyone tell me what would be the best outcome, fair outcome or worst outcome?

Graham

 

[Gurah]

You can get an update regarding Pacific Continental going into administration, from the administrators website, at:

www.smith.williamson.co.uk

 

[enterthe]

Are they the dudes who had the advert on Bloomberg TV?

Most Traders Lose Money! A good day, a bad week. A good month a bad year...

 

[tightstops]

i never saw an advert for them but had an account with them a few years ago and thankfully becasue its what made me move elswhere their commisions were terrible $5 to open a dow future and 5 to close there forex spreads werent to clever either they probably just slowly lost their customer base for failing to give them any reason to stay

 

[ldb]

has nothing to do with being regulated pacific trader were offering a good service compared to some other providers

 

[anley]

has nothing to do with being regulated pacific trader were offering a good service compared to some other providers

Sorry, but they were and have proved to be out an out crooks. Just look at the long case history that Tony Heatherington of the Mail of Sunday has built up against them. Basically they bought crap stock cheap and sold it to their clients at grossly inflated prices, no doubt giving them a real **** and bull story about how great the companies were.

In effect they just used their clients which for an FSA regulated company is just not on.