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Basically my sipp provider was in affiliation with a broker who they said i could use to trade the funds of my sipp.
I was uppose to make my own investment decisions,This is going back about 3-4 years.I opened an a sipp account with the broker and funds of about £30,000 were transfered to my trading account.I was trading the forex markets and the dow jones index futures.On my own decision over a very short time of a couple of weeks my sipp value went up from 80k to about 180k approximately.I then started to receive calls from the brokers trading office with the gentleman giving me recomendations to invest in so and so.I started to take investment decisions upon his recomendations.Thats when things start to go wrong and i ended up virtually losing all of my funds that i had transfered plus further funds that were transfered to keep up with the margin.
At the time i did not realise,but now as i look back i feel the broker basically was trading against my positions.They knew exactly what my exposure was.I was left with only afew thousnads pounds in my sipp bank account from about 80k pension fund.At a later date i tried to transer about £1000 pound or so to this broker again and i was told that they no longer provided the sipp.I was just left with couple of thousand pounds in my sipp which over the years has dwindled to nothing now since the sipp provider has been taking theire fees out of this amount.
I just wanted some opinion as to whether i had a case against this brokers activities and why suddenly they stopped providing this service.
The name of this broker is cmcmarkets.com and they also provide spreadbetting.
As far as i was aware they were registerd with the FSA.
If i have a case who can i take it up with? who can help me with the situation.