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

[Pharaoh]

It is true that the NFA does futures. In the USA, futures includes retail forex.

There's no hard in contacting the FOS. If you are worried that they won't give a sufficient response, then complain to the FSA and FOS at the same time. Sometimes, attacking a problem from multiple angles is the best way to get results.

 

[BigT1]

It is true that the NFA does futures. In the USA, futures includes retail forex.
There's no hard in contacting the FOS. If you are worried that they won't give a sufficient response, then complain to the FSA and FOS at the same time. Sometimes, attacking a problem from multiple angles is the best way to get results.

Thanks Pharaoh for weighing in.
If ada1976 first obtains a complete vindication from FOS and a return of funds, the FSA may then pay some attention to the larger issue.
Going directly to FSA on a crusade without an FOS review is in my opinion, a receipe for failure.
AI

 

[ada1976]

Thankx to both of you,

" Devil borns in the detail " This from FSA see what you think

Once you have completed the form, you will receive a reference number. Please send us a copy of your contract or the contract you have concerns about, along with copies of any correspondence exchanged with the firm, quoting your reference number. You can do this by email (unfair.terms@fsa.gov.uk) or post (see address below). This will help us to understand your concerns better and to take any necessary action.


This is the loop hole allows me to skip FOS. However their is no harm drafting it same time. Tx again

Victor

 

[Pharaoh]

Go for it Victor! Hitting them on all possible fronts gives you the maximum chances of getting some results.

 

[BigT1]

Go for it Victor! Hitting them on all possible fronts gives you the maximum chances of getting some results.

Agreed. Once you have a FOS investigation in progress you can reference it in your FSA complaint, as well.
AI

 

[ada1976]

Secon inquiry has now been half resolved. No appoligies at all

 

[ada1976]

More i investigate this companies activities based on rules & and regulations more i find my self appalled. Their violation of Customer Agreement Act firing on all cylinders, not to mention trade violations. This company is just shocking. Be aware never to open positions close to margin requirement with this company. Their designed CA enables them to change margin reguirement when ever suits them with out any prior notice This is direct violation to FSA regs .I have not checked with NFA .



Their Net revenue of 2011 was $181 millon. They can afford to pay fines to NFA 2010 and FSA 2011.

I have a feeling this case will escalate beyond FSA.

Victor

 

[ada1976]

Company A with " Fair Term "


14.3. If no Force Majeure Event has occurred, the Company is entitled to change margin requirements, giving to the Customer five Business Days Written Notice prior to these amendments.

Company B with " Anfair Terms"

Changes in Margin requirements. Margin requirements may be set and varied without prior notice from time to time in our sole and absolute discretion in order to cover any realised or unrealised losses arising from or in connection with Transactions, including subsequent variation of any Margin rates set at the time Transactions are opened.

 

[Pharaoh]

Make sure to share all of that with the FSA, FOS, and NFA.

 

[BigT1]

Company A with " Fair Term "


14.3. If no Force Majeure Event has occurred, the Company is entitled to change margin requirements, giving to the Customer five Business Days Written Notice prior to these amendments.
Company B with " Anfair Terms"
Changes in Margin requirements. Margin requirements may be set and varied without prior notice from time to time in our sole and absolute discretion in order to cover any realised or unrealised losses arising from or in connection with Transactions, including subsequent variation of any Margin rates set at the time Transactions are opened.

You may also ask the FSA (in a second complaint) to verify this Rule of the firm meets the requirements for operations under the FSA jursidiction.
This rule may not meet the standards commanded under FSA requirements, independently of the issue of whether or not they were violated in your case.
If you can get the FSA to agree this rule is arbitrary and capricious, the specific issue of your account may become moot, and judgement granted on the larger issue alone.
AI