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

[ada1976]

ada1976,
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Instead of making unsubstantiated, opinionated statements, why don't you post some facts, like the "ludicrous" replies you mention?
Let us all see the basis of your complaints. We can decide for ourselves just who and what is ridiculous.
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Despite your irreverant and disrespectful disregard for public protections you are afforded at no cost to you, it seems you are making progress inspite of your arrogant self.
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AI

This is the reply from FCA "The New Regulatory Authority"

Mr Victor Uysal
By email: Victor_uysal@hotmail.co.uk

16 April 2013

Our Ref.: CPPT/3517/12



Dear Mr Uysal

Referral to the FSA’s Unfair Contract Terms team: Gain Capital - Forex.Com UK Limited (‘Gain Capital’)

Thank you for your online webform of 19 October 2012 and subsequent emails of 20 October 2012, 14 November 2012 and 16 January 2013. Further to our response to you dated 29 January 2013 please accept our apologies for the delay in reverting to you following a full review of your referral, since this has involved liaising with our colleagues in other departments (including the departments which authorise and supervise firms).

Please note that, although you addressed your query to the Financial Services Authority (FSA), from the 1st of April 2013 this organisation ceased to exist and was replaced by two different organisations responsible for different aspects of regulation. Your query is being responded to by the Financial Conduct Authority (FCA). To find out more about the differences please visit our website: Home.

We understand that your concerns relate to terms within Gain Capital’s Customer Agreement which you consider are unfair, and that you have been particularly concerned about the clarity of terms 20.1 and 23.2. You have also stated that the firm has provided you with a poor service and that you have complained to the firm.

Final assessment of your referral

As explained in our previous letter the FCA cannot help with individual disputes but instead we can only consider whether terms in a contract are unfair and may potentially affect all consumers who have entered into it. However if you believe that you have lost out as a result of how the firm has applied this contract in practice, you have the option of seeking redress by lodging a formal complaint. We note that you have complained directly to the firm and are dissatisfied with its response. If the firm has issued a ‘final response’ you have the option to ask the Financial Ombudsman Service (FOS) to investigate your case since it is set up to deal with individual complaints (www.financial-ombudsman.org/consumer/complaints).

Please note that we have, however, noted the points which you have raised and have consequently flagged up the contractual terms in their entirety to the supervision team within the FSA that monitors the firm’s activities. This team can consider the evidence to decide what action, if any, should be taken. Since firm-specific information derived from any investigation is confidential as a matter of FSA policy and the law, please note that unfortunately we will not be unable to keep you informed of any progress or outcome in relation to this.

Nevertheless, we would like to thank you once again for bringing this matter to our attention.

Yours sincerely


Associate
Unfair Contract Terms Team



Regards,

Associate / Event Supervision Department / Supervision Division

FCA_

Financial Conduct Authority

 

[ada1976]

This from me
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RE: Referral to the FSA's Unfair Contract Terms team: Gain Capital - Forex.Com UK Limited ('Gain Capital')‏














victor uysal (victor_uysal@hotmail.co.uk)


13:35








To:






Picture of victor uysal


















Dear Sir/Madam



Thank you for your reply.


If a burglar comes to your house and robs you to your pants, wouldn't you want to know what police is doing about it and the outcome of police investigation?
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I am appalled from your reply. Last time I checked, that FCA is an enforcer of regulations to companies to safe guard British Public. One of these regulations, which you ask Firms to be "Transparent To Their Clients "yet here you are saying that you can't inform me (The Victim) outcome of this case I call that "The Least Transparency of All".
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I am outraged and saddened by your disregard of compassion and disrespect to British Justice. Let me assure you I will pursue this case further.



Regards



Victor Uysal.

 

[ada1976]

Everybody knows about Confidentiality Law. If the investigation is over and verdict is passed, any one has right to know the verdict. I am really embarrassed even writing this.

 

[Pharaoh]

It looks like they've suggested contacting the FOS.

 

[ada1976]

It looks like they've suggested contacting the FOS.

And looks like we are not on the same page anymore. Let me clarify again if you call FOS or write, what ever pleases you, regarding to Unfair Terms You will get only one answer " We in the FOS don't deal with Unfair Terms we are not Enforcer of regulations.
How ever if I wanted to try to recover my losses!!! Yes FOS may help, but as you may know I have mentioned that my intensions are only to found their Unfair Terms. And that, only FCA can do.
With this Unfair Terms Forex Com making big money and illegal. Now tell me what is more important to recover £300 or stop them their illegal activities?.If FCA finds those Terms Unfair could any one get more than what they bargain for, by private law sue.

 

[ada1976]

Let me paste some of my early posts
......

Allow me to set your mind at rest

This is from their potantially down fall famous Manifest Error

A “Manifest Error” means a manifest or obvious misquote by us, or any Market, Liquidity Provider or official price source on which we have relied in connection with any Transaction, having regard to the current market conditions at the time an Order is placed as determined by us. When determining whether a situation amounts to a Manifest Error, we may take into account any information in our possession, including information concerning all relevant market conditions and any error in, or lack of clarity of, any information source or announcement. We will, when making a determination as to whether a situation amounts to a Manifest Error, act fairly towards you but the fact that you may have entered into, or refrained from entering into, a corresponding financial commitment, contract or Transaction in reliance on an Order placed with us (or that you have suffered or may suffer any loss) will not be taken into account by us in determining whether there has been a Manifest Error.
24.2 In respect of any Manifest Error, we may (but will not be obliged to):
(a) amend the details of each affected Transaction to reflect what we in our sole and absolute discretion consider to be the correct or fair terms of such Transaction absent such Manifest Error; or
(b) declare any or all affected Transactions void, in which case all such Transactions will be deemed not to have been entered into.
24.3 We will not be liable to you for any loss (including any incidental, indirect or consequential loss) you or any other person may suffer or incur as a result of or in connection with any Manifest Error (including any Manifest Error by us) or our decision to maintain, amend or declare void any affected Transaction, except to the extent that such Manifest Error resulted from our own willful default or fraud, as determined by a competent court in a final, non-appealable judgment.


AND HERE IS A COMPANY WITH FINAL FSA INFORCMENT


Terms 4 and 5

What did we think was unfair?

These terms sought to exclude the firm's liability for any obvious errors it made.

Why did we think they were unfair?

Firms have a duty to provide their services using reasonable skill and care. They cannot limit their liability for negligence or poor service.

Firms cannot limit their customers’ rights to redress.

They required customers to meet all their obligations and not to make errors, even if the firm made an error. This was not balanced.

What has the firm done?

They agreed to delete the terms on 4 January 2005.

Old terms

'London Capital Group Ltd will not accept any liability for any loss or damage you may suffer (including indirect or consequential losses) as a result of your reliance upon a Manifest Error'.

'…a Manifest Error is an obvious misquote... where the price quoted materially and clearly deviates from the prevailing market price at the time it was quoted'.

 

[ada1976]

And This was my reply to BigT1
........

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 .