Did anyone suffer losses on EURCHF as a result of the SNB floor pull?
If so, which spreadbet broker and what level were you out at?
He needs to seek legal advice and know his legal standing with regards to what recourse there is for the broker to chase up on the losses.
Some brokers have wiped out negative balances already.
I haven't yet heard of anyone receiving any demand letters yet.
The more people that can get involved on here that are suffering a substantial loss the better. Collective action can be taken and the FCA can get involved.
Individuals can complain directly to their brokers and if an acceptable resolution has not been received in 8 weeks, the FOS can be contacted.
The Financial Ombudsman Services (FOS) can then try to ascertain whether there was any wrong-doing on the broker part. If successful, the maximum they can claim for you is £150k.
Therefore I would advice putting in a complaint to the broker asap and ...
1) If loss is greater than £150k.......start looking for legal assistance
2) If loss is less than £150k....wait for response from broker's complaints team and then use the FOS
However, like I mentioned above, the more information people can share in any one place, the more ammunition people may have against their brokers.
We get it, advertisements are annoying!
But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.