GUILTY Case# 2012-041 | ibham1 vs www.bmfn.com
- Thread starter ibham1
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AsstModerator
FPA Forums and Reviews Admin
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- 5,745
The invitation to talk in the Scam Alerts folder or by email has been sent.
AsstModerator
FPA Forums and Reviews Admin
- Messages
- 5,745
It looks like Noah no longer works for BMFN
Compliance sent this...
How would you like to proceed?
Compliance sent this...
How would you like to proceed?
As you can see from the emails BMFN sent me, they aren't interested in discussing the matter, they just keep telling me I broke their T&Cs without providing proof. They also keep trying to scare me off by saying they will demand back the 15K I have withdrawn if I take this further. In my previous experience, the FSA is a toothless body. I would prefer FPA to handle this. If this still isn't resolved then atleast a SCAM rating will prevent other traders from losing their money
Romeo
Sergeant
- Messages
- 239
That's the spirit. They should be punished for their behaviour for not providing a proof of what they are saying. All the people should know that if you trade with this broker, they might decide that you regulated their T&C, no matter if you think you didn't. If they say it, then shut up and accept it.
Well no, don't accept it, until they prove it.
dbrawner
Private, 1st Class
- Messages
- 49
It is amazing that Brokers hide behind the fine print in T&Cs and other account documents we MUST sign if we want to trade (with them). If one really reads those docs they would be reminded of the waivers signed before any medical procedure.
One must remember that those "agreements" are designed by lawyers paid by the broker and therefore representing and building the advantage to their client (the broker NOT you!)...
I have accounts with some of the biggest brokers (Stock, Futures, and FOREX) and they all have similar language, that is if there are any mistakes, the customer accept the risk, responsibility, and any subsequent loss.
Unless you have the bank (account size) to negotiate, this is a risk one must assume and can only be mitigated by dealing with reputable firms.
That said, a firm that hides scams behind the letter of their "agreement" and account forms is still scamming and should be exposed as such.
One must remember that those "agreements" are designed by lawyers paid by the broker and therefore representing and building the advantage to their client (the broker NOT you!)...
I have accounts with some of the biggest brokers (Stock, Futures, and FOREX) and they all have similar language, that is if there are any mistakes, the customer accept the risk, responsibility, and any subsequent loss.
Unless you have the bank (account size) to negotiate, this is a risk one must assume and can only be mitigated by dealing with reputable firms.
That said, a firm that hides scams behind the letter of their "agreement" and account forms is still scamming and should be exposed as such.
Just received the following from BMFN's compliance dept:
"The account you reference was held with Boston Merchant Financial, Ltd (BMFN), a Russian broker regulated by the FFMS. The FSA is not the appropriate or applicable regulator to contact and have no jurisdiction regarding issues with your account."
The FSA told me start the ball rolling by making an official complaint, despite this, BMFN are basically saying they have binned my official complaint.
"The account you reference was held with Boston Merchant Financial, Ltd (BMFN), a Russian broker regulated by the FFMS. The FSA is not the appropriate or applicable regulator to contact and have no jurisdiction regarding issues with your account."
The FSA told me start the ball rolling by making an official complaint, despite this, BMFN are basically saying they have binned my official complaint.
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I see on their webside that they are regulated by the FSA. You can send a complaint to them. It is their duty to help you when you are scammed.
It is known that some brokers don`t like newstrading and shut down accounts of newstraders. But to cancel trades a long time back is very unfair.
Below a letter I received from the FSA after asking them about trade cancellations. Maybe it helps you:
"Thank you for your email sent on 19 April 2012. I understand that you have a trading account with a firm authorised by the Financial Services Authority (FSA) and would like to know what rules there are that cover the cancellation of trades.
I would like to thank you for taking the time to contact us about this issue and I appreciate why you would like the FSA to comment. I thought it would be of use if I clarify the role of the FSA and comment on the conduct rules for investment business.
I would like to clarify that we are the UK's financial regulator set up by the government to regulate financial services and protect your rights. This means we set standards that financial services firms have to meet and we take action if they don't. For further information on our role, especially in relation to investment business, please see the attached link to our website:
Saving and investments
Turning to our rules I have attached a link to chapter 11 of our Conduct of Business Sourcebook (COBS) which discusses dealing and managing:
FSA Handbook - Full Handbook
If you feel that you have a complaint against the firm then you may wish to follow the steps outlined in the attached consumer guide "Making a complaint:"
www.moneyadviceservice.org.uk/_assets/downloads/pdfs/your_money/a5_guides/making_a_complaint.pdf
If you have any future questions on financial services and products, you may find it easier to call our Consumer Helpline on 0845 606 1234 (call rates may vary). You can also access relevant information online at Consumer information and via the Money Advice Service website: Home : Money Advice Service.
I trust this is of assistance and that the above links are of use to you.
Yours sincerely
Peter Jones (Mr)
Customer Contact Centre
Financial Services Authority
Consumer Helpline: 0845 606 1234 (call rates may vary) Consumer information
It is known that some brokers don`t like newstrading and shut down accounts of newstraders. But to cancel trades a long time back is very unfair.
Below a letter I received from the FSA after asking them about trade cancellations. Maybe it helps you:
"Thank you for your email sent on 19 April 2012. I understand that you have a trading account with a firm authorised by the Financial Services Authority (FSA) and would like to know what rules there are that cover the cancellation of trades.
I would like to thank you for taking the time to contact us about this issue and I appreciate why you would like the FSA to comment. I thought it would be of use if I clarify the role of the FSA and comment on the conduct rules for investment business.
I would like to clarify that we are the UK's financial regulator set up by the government to regulate financial services and protect your rights. This means we set standards that financial services firms have to meet and we take action if they don't. For further information on our role, especially in relation to investment business, please see the attached link to our website:
Saving and investments
Turning to our rules I have attached a link to chapter 11 of our Conduct of Business Sourcebook (COBS) which discusses dealing and managing:
FSA Handbook - Full Handbook
If you feel that you have a complaint against the firm then you may wish to follow the steps outlined in the attached consumer guide "Making a complaint:"
www.moneyadviceservice.org.uk/_assets/downloads/pdfs/your_money/a5_guides/making_a_complaint.pdf
If you have any future questions on financial services and products, you may find it easier to call our Consumer Helpline on 0845 606 1234 (call rates may vary). You can also access relevant information online at Consumer information and via the Money Advice Service website: Home : Money Advice Service.
I trust this is of assistance and that the above links are of use to you.
Yours sincerely
Peter Jones (Mr)
Customer Contact Centre
Financial Services Authority
Consumer Helpline: 0845 606 1234 (call rates may vary) Consumer information
