Problem My story with Gain Capital (forex .com) UK

[ada1976]

Hi , Guys
Traders Court!! What can I say its absolutely brilliant and also very sad

After reading all the cases I decided to share my story . Case as follows

Broker Name; Gain Capital (Forex.com) UK

Subject; Manifest Error

CFD Product; WTI Crude oil


On the 12 September Wednesday I made £ 596 profit . Following days Thursday and Friday I carried on trading, On Sunday 16/09/2012 I discovered my account displayed negative balance of £ -397 . This was due to Fees totalling £ 1182. Their reply to my initial letter was to


inform me of a debit that was processed in my account on Sept. 14th, 2012. As a result of a detailed internal review of my account associated with trading activity in the WTI contract on September 12th, They have confirmed that certain WTI trades in my account were executed at off-market rates. In accordance with their policies and the “Manifest Error” clause in their customer agreement that i consented to, they have processed an adjustment to reflect the true market rate and associated P/(L) related to such WTI trades.




If needed I will gladly upload Manifest Error. In my second and third letter I asked them to underline the trades amounted to Manifest error and highlighting all charges individually which totalled £ -1182 . They replied with reimbursement of £ 449
But not answering question as I mentioned above .





In regards to their Manifest Error it lacked fundamental issues in relation to FSA Regulations. My consenting of their agreement does not give them right to stop me challenge the very same agreement, so I took this matter further. Hence Compliance analyst kindly excepted my complain .Since then two weeks passed stil no respond. At present I am still investigating history of my account. How ever i had another set back
I can not view Order and Realized P/L history neither on their platform nor on their web site. On this second inquiry their reply has been some what inconsideratly inferred, effortless solutions far from solving this matter as well. With regards to second inquiry I will also take further action in due course.


I have also uploaded my transaction history for you kind people to analyze it .






What ever the out come of this matter will take its conlusion !! truly !! I am greatfull.

 

[ada1976]

Here is the related chart




View attachment WTI 30 minutes chart 12 september 2012.bmp[

 

[Pharaoh]

Amazing.

Keep after them on this. Ask them how many who held positions opposite yours were reimbursed?

 

[sfx]

I've never heard of trading fees coming from GAIN... but then again, I'm only familiar with their US operations. Could you please keep us updated? I'm very interested to hear the cause of the "Manifest Error" and, if it was from their systems, see if they'll take action on their end to amend anything.

 

[ada1976]

Yes Case explained above will also help those traders who held opposite positon to mine with tight margin ... resulting .... liquidation.

 

[ada1976]

Under the FSA Regulations a term is unfair if, contrary to the requirement of good faith, it causes a significant imbalance between the rights and obligations of the firm and the consumer, to the detriment of the consumer.

Example;



•Terms that give the firm the absolute right to decide if its products or services have met the requirements under the contract or to interpret any term of the contract as it sees fit.

 

[BigT1]

Broker Name; Gain Capital (Forex.com) UK
Subject; Manifest Error.

Hello ada1976,
I have not researched the laws and regulations of the UK, but in the US there are important protections on price adjustments imposed by a broker on clients' accounts.
Since Forex.com is Regulated by both the FSA and the NFA, it may be held to the higher standard, depending on where you are located.
.
Under NFA rules, a broker who wishes to make an adjustment to traders' accounts must meet several tests:
Error must have been caused by an adjustment received from a third party liquidity provider, not from a trade against the broker's book
The communication of the liquiidty provider must be available to inspection by the clients affected.
The errors must be posted and communicated to the clients within 15 minutes of the trade time in error.
The correction communication must be signed by and Officer of the Company who is also an NFA Registered individual
The correction must apply to ALL clients affected on both sides of the trade, not selectively to the losing side only.
.
If an error adjustment does not meet all these tests, it is the firm that must eat the losses.
.
I suspect that these requirements are closely mimicked in the FSA regulations.
Seek their Regulatory guide and compare it to the NFA Guide available here:
http://www.nfa.futures.org/NFA-compliance/publication-library/forex-regulatory-guide.pdf
.
This is one for the FOS to resolve.
Don't hesitate to file if your threat to do so is not respected.
http://www.fsa.gov.uk/pages/consume...go_wrong/who_to_complain_to_1-2-3/index.shtml
.
Anthony Ingrassia, CTA
NFA ID#: 0278164

 

[ada1976]

Update

Ref. Second inquiry

All my attempts to get access to my acc order and P/L history failed. No reply to my latest letter

 

[BigT1]

Update
Ref. Second inquiry
All my attempts to get access to my acc order and P/L history failed. No reply to my latest letter

Have you sent your complaint to this specific address: mailto:UKCompliance@GainCapital.com ?
Refer to the info on this page:
FOREX.com complaints | FOREX.com UK
.
If you do not receive an acknowledgement of receipt of your complaint in a few days, send a second letter informing them that if they don't respond within 48 hours you will file with FOS a complaint regarding their lack of responsiveness, in addition to your primary issue.
If they still do not respond, go forward with the FOS.
.
AI

 

[ada1976]

Have you sent your complaint to this specific address: mailto:UKCompliance@GainCapital.com ?




Hi

Thank you for your thoughtful advice , Unfortunately there is a huge difference Between NFA FSA I presume NFA deals with cases only related to Future industry where as FSA takes huge tasks by trying to resolute issues all kinds of entities from the financial industry. Such as Banking, Mortgage, Insurance, investments, pensions , others. As you can imagine the work load.

I have no intentions to take the first inquiry ( Manifest error) up with FOS. They are negotiators. This case is so obvious it deserves higher end of the ladder. As far as I am concern This not an issue getting my money back any more . This to stop their illegal practice period!!. Till then I will give them benefit of the doubt because first inquiry is in their compliance department and I have to wait another 5 weeks before i ask you guys to declare them SCAMMERS I have got other evidence in my sleeve which I will present in due course

I also thank you for your carefully selected NFA regulation list which complies with FSA. But at this moment my argument is unfair terms meaning Customer Agreement. As far as trade related violation of regulations they are so obvious I don want to waste anyone’s time .

Regarding to second inquiry (Order & P/L history) my first letter was directly addressed to compliance office . It was compliance office redirected to their info desk. I cant blame them after all it doesn’t take a rocket science to deal with this pathetic inquiry.