LCG - London Capital Group

[Elio Matacena]

London Capital Group, aka LCG, refuses to withdrawal my money because my previous bank account has been closed. Now, after 1 year and a half, I have opened another bank account and they are trying to scam me.

Here the facts:
Mr Jonay De La Vega Herrero wrote me "it is our obligation to comply with international anti-money laundering guidelines given by our regulator" and also wrote "Please note that this is already stated in the Terms and Conditions you agreed to when you opened your account. Please follow the link below and look at section 8. Fees and Payments, point 10", that says:

(10) Where bank accounts have been closed we may require a letter from the originating bank stating that the account has been closed and there are no funds owing to the bank. Before we will refund to a new bank account we may require sight of the original deposit transfer statement from the closed account and sight of an original new bank account statement.

So, they may require, but now it's a must.

So, be aware from them especially if you change or want to change bank account.

Best regards.
Elio Matacena.

 

[FxMaster]

London Capital Group, aka LCG, refuses to withdrawal my money because my previous bank account has been closed. Now, after 1 year and a half, I have opened another bank account and they are trying to scam me.

Here the facts:
Mr Jonay De La Vega Herrero wrote me "it is our obligation to comply with international anti-money laundering guidelines given by our regulator" and also wrote "Please note that this is already stated in the Terms and Conditions you agreed to when you opened your account. Please follow the link below and look at section 8. Fees and Payments, point 10", that says:

(10) Where bank accounts have been closed we may require a letter from the originating bank stating that the account has been closed and there are no funds owing to the bank. Before we will refund to a new bank account we may require sight of the original deposit transfer statement from the closed account and sight of an original new bank account statement.

So, they may require, but now it's a must.

So, be aware from them especially if you change or want to change bank account.

Best regards.
Elio Matacena.

Well in this case LCG has right to ask you for documents, What`s wrong in submitting requested documents?
And why you opened account after 1 year?

 

[Elio Matacena]

Well in this case LCG has right to ask you for documents, What`s wrong in submitting requested documents?
And why you opened account after 1 year?

No, you are wrong: LCG can only ask for these documents but I am free to refuse to provide them, if you literally and legally read that clause 8.10.

I am afraid that I don't understand your question "And why you opened account after 1 year?".

 

[FxMaster]

No, you are wrong: LCG can only ask for these documents but I am free to refuse to provide them, if you literally and legally read that clause 8.10.

I am afraid that I don't understand your question "And why you opened account after 1 year?".

This one " after 1 year and a half, I have opened another bank account and they are trying to scam me."

 

[stevesmain]

Seems silly to try to force a company that is requesting documentation to go to the letter of the law as they say. They request, you refuse = no money! Duh!
The golden rule applies, He who has the gold makes the rules!
While it may be a pain to deal with their request, it seems to be necessary & not indicative of a scam. Just them covering them selves legally.
Had you been the one scammed by some one to take your money from them .... then you would scream from a roof top that they were not following the rules!

 

[Elio Matacena]

This one " after 1 year and a half, I have opened another bank account and they are trying to scam me."

You Asked me "And why you opened account after 1 year?".

I have to answer that I didn't decide it by myself, simply after one year and a half many things can happen and in my case the bank I used for the funding decided to close my account. So I had to open a new one: that's it.

Now, why do we have to feel panic when such kind of things happen? I knew that brokers can have some problem, I already had to face such problems not less than three times, but this is the first time the broker makes so many problems. Other UK brokers, regulated by the Financial Conduct Authority (FCA) as London Capital group is, asked me for a simple declaration about my previous account had been closed and only one asked me for a bank declaration that that old account had been closed.

Now, only London Capital Group "can also accept a screenshot of your online banking showing the URL, your name and account number". What about my privacy? It doesn't care, it's only a poor trader. The broker must have its information, it is more important.

To be clearest, there is no rule about I must give the broker such information, even if we talk about "international anti-money laundering". In fact, when I wrote LCG to show me where these international rules talk about I have to demonstrate that my account is mine, they have skated over, they answered me nothing.
Dear Master Sergeant, am I wrong? If so, show me the rule: I challenge you!

Seems silly to try to force a company that is requesting documentation to go to the letter of the law as they say. They request, you refuse = no money! Duh!
The golden rule applies, He who has the gold makes the rules!
While it may be a pain to deal with their request, it seems to be necessary & not indicative of a scam. Just them covering them selves legally.
Had you been the one scammed by some one to take your money from them .... then you would scream from a roof top that they were not following the rules!

Unfortunately you are right, but it's unfair at the same time: until we don't rebel to this status quo, to this violence, brokers will continue to perpetrate injustices to traders and to earn illegally few money from many clients. This situation MUST end.

Anyway, I have sent them exactly what they asked me for: "a screenshot of your online banking showing the URL, your name and account number" on 16-Feb-15 at 15:00 and a forwarded message the day after (I wrote simply "Any news on this?") but still miss any answer, Friday evening the 20th. After this post, I will write them again for asking what are their intentions and if they want to continue to ignore me.

Best regards,
Elio Matacena.

 

[Master Yoda]

I was reading what FXMaster wrote you and I still don't understand why won't you send the documents if this is what will resolve your issue?

If they are under regulation then I understand where it is coming from (the regulation rules are "stronger" than the broker terms and conditions).

After providing them the documents you can file a complaint to the regulator.

 

[Elio Matacena]

Is this thread public? If not, how can I make it public?

 

[Master Yoda]

Is this thread public? If not, how can I make it public?

It is very public

 

[FxMaster]

Is this thread public? If not, how can I make it public?

This thread is public but the simple question is why you are not providing them documents?