Intertrader Direct Ltd refusing to pay profits based on an alleged pricing error

[mfosterpsl]

Complaint filed with the FSC in Gibraltar. Will keep you informed as to the outcome.

I would still advise all traders to be cautious in dealing with Intertrader Direct Ltd for the reasons mentioned above.

 

[mfosterpsl]

Official complaint registered with Gibraltar FSC.

They have acknowledged the complaint and will look into it but have sent me the following:

The FSCs functions aredesigned to ensure that the investement firm comply with relevant statutory obligations. The FSCs role does not include giving advice to complainants, or providing arbitration in commercial disputes. The FSC has no statutory powers to undertake the role of ombudsman.

 

[Pharaoh]

Ask them if Gibralter has a Financial Ombudsman.

 

[mfosterpsl]

I have contacted 'ombudsman@gibraltar.gi' to ask if there is a financial services equivalent

 

[mfosterpsl]

Unfortunately there is no financial ombudsman in Gibraltar....

Dear Mr Foster

Thank you for your email dated 24th April 2015.

Unfortunately there is no Financial Ombudsman in Gibraltar. Nevertheless we encourage you to contact the Financial Services Commission who we understand may be able to look into complaints related to Gibraltar based financial firms. Their contact details are as follows:

Financial Services Commission
Suite 3 Ground Floor
Atlantic Suites
Europort Avenue

FSC - Home Page

Tel 20040283

Yours sincerely




Steffan Sanchez
System Administrator
===========================================
Office of the Ombudsman
10 Governor's Lane | Gibraltar
Tel: +350 20046001 | Fax: +350 20046002 |

 

[mfosterpsl]

Response from Gibraltar FSC - they see nothing wrong with what Intertrader have done.

>>
We have spoken to Intertrader Limited in relation to your complaint and have come to the conclusion that Intertrader Limited have not surpassed their remit or breached any regulatory or compliance requirements.

The explanation given that due to an error on behalf of the liquidity provider an advantage was had in the market and this was in breach of the Intertrader Limited’s terms and conditions and was subsequently cancelled by the liquidity provider and Intertrader Limited. It is our understanding that this was taken advantage of by 29 other clients who have accepted that these particular trades were all annulled. Intertrader Limited have confirmed that the have since changed liquidity providers to avoid such an error in the future.

To surmise, after our investigation the FSC do not believe that Intertrader Limited have breached any of its regulatory or compliance requirements.
>>

The fact that the company refuses to provide any evidence of the error, nor acknowledge the fact that I have data which shows the prices received were valid, seems to be irrelevant.

Avoid this company like the plague - utter joke. Refusal to pay profits on valid trades with ABSOLUTELY NO EVIDENCE and REFUSE TO SUPPLY ANY.

AVOID.

 

[Pharaoh]

Ask the Gibralter FSC for copies of the evidence Intertrader must have provided to support their claim.