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Ben Jones
Ben Jones, UK Lawyer
Category: Law
Satisfied Customers: 46784
Experience:  Qualified Solicitor - Please start your question with 'For Ben Jones'
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In an event, where a firm have deliberately obstructed the

Resolved Question:

In an event, where a firm have deliberately obstructed the minimum offering of their service to me in order to achieve their own aim, what are the legal grounds of this?
Submitted: 3 years ago.
Category: Law
Expert:  Ben Jones replied 3 years ago.

Ben Jones :

Hello, my name is XXXXX XXXXX it is my pleasure to assist you with your question today. Do you mean they have failed to provide the services as per any agreement you had with them?

Customer:

Yes

Customer:

But the sitaution is a bit tricky

Customer:

I shall explain

Ben Jones :

ok

Customer:

Hello Ben

Customer:

Very sorry

Customer:

I was away

Customer:

Please message me again when you are here.

Customer:

Hello?

Ben Jones :

hi I am here for now but may have to go off soon

Customer:

Hi

Customer:

essentially

Customer:

They sold something like lets say

Customer:

This is an example

Customer:

an analogy

Customer:

Lets say I'm insured at 10,000 minimum for injuries

Customer:

But they are only giving 5,000

Customer:

But thats not my case it's just an analogy my case can be slightly more complciated

Customer:

i mean

Customer:

slightly less complicated

Customer:

But my case is

Customer:

Simply put

Customer:

I can trade financial instruments, with a leverage ( multiplication of the account size of 1:100 AS A MINIMUM )

Customer:

But in an event where they were trying to close out on my positions they were like we will change yours to 1:50

Customer:

What's the legal ground on this

Ben Jones :

well this appears to be a breach of contract matter. If it was specifically agreed in advance what terms you would be working together under, and these terms were then amended without there being contractual right to do so and without the agreement of both parties, then the party which is trying to change them would be potentially acting in breach of contract.

Customer:

It says they are allowed to change leverage anytime

Customer:

But leverage is advertised STARTING at 1:100

Customer:

what does that mean then

Ben Jones :

well the initial leverage would be for that amount, ad it is not guaranteed to remain at that amount and can be changed if necessary

Customer:

There no customer option

Customer:

To change it lower

Customer:

It just starts at 1:100

Customer:

1:50 was mathematically the point where they close out everything in my account

Customer:

What do you take on that

Ben Jones :

but you said they were allowed to change it any time?

Customer:

Wait

Customer:

Let me view it

Customer:




Please also note that xxx has every right to amend the leverage setting on your client’s accounts





Customer:

But assuming the fact is it has to start from what it is advertised as

Ben Jones :

yes it would start at 1:100 and once a change has been introduced it should only apply to transactions after that change

Customer:

So if the change was to target my existing trades which were opened at 1:200

Customer:

What do you make out of that please

Customer:

Cause I opened a set of trades at 1:200

Ben Jones :

that is unless the contract says that such changes can be retrospective

Customer:

they said if you don't close out now we will change it to 1:50

Customer:

No

Customer:

It doesn't say anything like that

Customer:

their threat was to entirely aim at my positions to BE closed

Ben Jones :

ok I think this whole arrangement is somewhat beyond the remit of this site, it looks rather complex and specialist and not something I am familiar with specifically so I do not feel in a position to be ale to advise

Ben Jones :

I do not want to just be guessing in order to provide an answer

Customer:

It is fine.

Customer:

I am only seeking a legal opinion

Customer:

I am taking in different perspectives

Ben Jones :

well you are looking at potential breach of contract here but it depends entirely on the wording of the agreement and what each party is or is not allowed to do. But to be able to say with any certainty I would need to look at the contract and take it from there

Ben Jones :

but as this trading industry is not an area I am familiar with I believe I am not in a position to provide advice on it as I am sure there are specific rules on how it applies in general that would be relevant and I do not know these

Customer:

I think it is correct tho

Customer:

Thanks

Ben Jones :

You are welcome

Ben Jones, UK Lawyer
Category: Law
Satisfied Customers: 46784
Experience: Qualified Solicitor - Please start your question with 'For Ben Jones'
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