Problem ALERT! PEPPERSTONE CLOSED MY OPENED POSITIONS ON THE WEEKEND!!!

[Trader1985]

Well, the Pepperstone rep seems very uninterested.
I also miss the part of the trading terms that stat "We can close your orders if we think you may win".
I see nowhere here in this story that the trader has done any wrong. I do hope that either the broker do the right thing or the regulators act on this.
I have an account with Pepperstone but have not traded it much. I too got the same email encouraging mo to trade the Italian referendum. I think this in itself is very irresponsible for the broker to do. Perhaps they saw t as an easy opportunity to do things just as what they have done to profit.erol.
Anyway, i will no longer trade with Pepperstone after reading this. Even if they do end up doing the right thing, the fact they have done the wrong thing and have put the trader through so much grief is enough to keep me away. Now, who can i trade with....?

 

[snapped2002]

I think their attempt at giving you such a pittance is just an attempt to cover themselves so if it comes up in the future they can claim an agreed pay out.

Pepperstone will never see a nickel of my money if this is how they treat people.

In my opinion they should have first contacted you to add more margin if that was really the issue, and if you could not add funds then close just open trade to keep you within acceptable limits.
And then to try to placate you with a small amount to cover themselves looks guilty as hell to me.

 

[4evermaat]

It's been almost 6 months. Any update from either side as to the conclusion?

 

[profit.erol]

Hi,

FOS (financial ombudsman service) Australia sent me decision after 9-10 months:

"""This determination is in favour of the FSP. The FSP is not reguired to compensate the applicant for lost profits. Despite this, if the applicant accepts this determination, the FSP has agreed to pay the applicant 1750 usd subject to the execution of a settlement deed."""

It means that the brokers have right to do everything in order to decrease the traders' profits. The Australion regulators are not reguired to deal with it.

Pepperstone already offered me 1750 usd in the beginning but i did not accept it. I was already able to get it by chargeback. But I understood that Australian regulated companies means unregulated companies!!!

 

[4evermaat]

Hi,

FOS (financial ombudsman service) Australia sent me decision after 9-10 months:

"""This determination is in favour of the FSP. The FSP is not reguired to compensate the applicant for lost profits. Despite this, if the applicant accepts this determination, the FSP has agreed to pay the applicant 1750 usd subject to the execution of a settlement deed."""

It means that the brokers have right to do everything in order to decrease the traders' profits. The Australion regulators are not reguired to deal with it.

Pepperstone already offered me 1750 usd in the beginning but i did not accept it. I was already able to get it by chargeback. But I understood that Australian regulated companies means unregulated companies!!!

Wow. Can you link to the full decision if it is available on FOS website? also you can upload the pdf here. I am most interested to hear about what FoS said about PepperStone closing positions while the market was closed, which is fraudulent.

Also, why did it take 10 months?