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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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To Alex Watts, I have a question about misselling and professional

Customer Question

To Alex Watts, I have a question about misselling and professional negligence to ask. Do you have a few minutes please?
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.

Alex Watts :

Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply.

Alex Watts :

Yes of course.

Customer:

Hello

Customer:

Are you here?

Alex Watts :

I am but am going to bed shortly.

Customer:

Ok hello

Customer:

it'll be quick.

Customer:

please let me know when yo uare here.

Customer:

hello?

Alex Watts :

I am here.

Alex Watts :

But you can type what you need to ask and I can answer in the morning which is ok

Customer:

Hi

Customer:

It's quick

Alex Watts :

ok

Customer:

If I ask someone whether their services could handle my demands and they said yes and guaranteed it however it turns out that the services could not handle any of my demand and the transaction cost is much more higher than their 'discount' rate. I have asked which platform for this to use, whether hte retail one or the pro one, all of the people prior to depositing money said the retail one, however, when i complained formally they told me to move to the pro platform. Is this misselling and negligence ?

Alex Watts :

It could just be breach of contract.

Alex Watts :

Its not negligence I dont think

Alex Watts :

But it sounds like misrepresentation

Alex Watts :

That is where someone makes a representation and you rely on it and enter into the contract

Alex Watts :

If that representation turns out to be false then it is breach of contract by misrepresntation

Customer:

It's not misselling?

Customer:

I went to ask whether my execution could be improved, as I was complaining about slippage. I was asking whether I should use the Pro instead which is a currenx platform, however, the person said no, TradeStation II is sufficient enough to handle my slippages and eliminate them. Simply my spread is a 0.5 pip mark up from the "raw" spread they get, which they claim to be 0.2 pips from their "more than 15 LPs". Now, the joke is someone called me from the Texas office and promised a better execution to match it or whatsoever, again saying that PRO platform is not necessary. Ok then I started trading again, I was kind of out of the markets for a bit, then I see 2-3 pip slippage on every trade, despite it being 0.5 pip mark up, making it impossible to scalp and I am at many occasions forced to close positions at B/E price due to the issues experienced. I complained about it, then the guy in London suggested to move me to Pro, despite these guys going hey, you can use TS II, further than that I made another complaint to the trades audit guy and he just told me to use a market range of allowing maximum slippage of how many pips you want (This defeats the purpose of trading). Probably miselling and negligence you think?

Customer:

this is more detailed.

Alex Watts :

Ok - I dont really understand that.

Alex Watts :

All I can say is if you were told something that is not true then it would be breach of contract by misrepresentation.

Alex Watts :

Negligence is something physical that causes a loss or injury, such as running someone over, or an operation that went wrong

Alex Watts :

Financial loss is breach of contract

Customer:

Ok

Customer:

What about misselling

Alex Watts :

its the same as misrepresentation

Alex Watts :

The facts which induced you into the contract are false.

Alex Watts :

Therefore it would still be misrepresentation

Customer:

ok

Customer:

what are my arguing points and legislations

Alex Watts :

Breach of contract by misrepresentation

Customer:

Ok

Alex Watts :

Misrepresentation Act 1967

Customer:

What could my remedy be

Alex Watts :

Rescission or damages and rescission

Customer:

Let's say

Customer:

I deposited 120,000

Customer:

i lost a lot of it due to the fact that the costs are high clouding my judgements and making it expensive to do business with them

Alex Watts :

Yes of course. But if you want to recover it you would need to go to Court.

Customer:

This is a financial service so i guess I could go to the ombundsman

Alex Watts :

Indeed.

Alex Watts :

Can I clarify anything for you about this today please?

Customer:

would i be entitled for the full aount deposited?

Alex Watts :

Potentially yes

Customer:

Ok thanks

Customer:

what is the good adn services act again?

Customer:

does it apply to this?

Alex Watts :

That applies to services where someone supplies a service. S.13 is where someone must act with all reasonable skill and care

Alex Watts :

Financial services generally not

Alex Watts :

That is because they generally have a regulator to govern them

Alex Watts :

It can apply - but misrepresentation is your best head of claim

Customer:

ok

Alex Watts :

Can I clarify anything else for you tonight?

Customer:

No

Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience: Solicitor with 5+ years experience
Ash and 4 other Law Specialists are ready to help you
Customer: replied 2 years ago.

Posted another question for you check it out

Expert:  Ash replied 2 years ago.
Oh yes.

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