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Nicola-mod
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Category: Law
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If a sales provide me a table of their services performance

Customer Question

If a sales provide me a table of their services' performance in 2010-2011, and it does not say "past performance is not indicative of the future". Am I right to make a complaint if the service deviates a lot from the advertised percentage?
Submitted: 2 years ago.
Category: Law
Expert:  Ben Jones replied 2 years ago.

Ben Jones :

Hello, my name is Ben and it is my pleasure to assist you with your question today. Can you please explain your situation in a bit more detail

Customer :

Hello Ben.

Customer :

Let me know if you are here

Ben Jones :

Hi, yes I am online now

Customer :

hello.

Customer :

Ok so basically this is a broker

Customer :

In terms of broker they always charge an execution cost

Customer :

So according to the table

Customer :

The broker claims that only 4.7% of orders are negative impacted in terms of execution cost

Customer :

However, 90+% of my trades are always negatively impacted.

Customer :

It doesn't say past performance s no indicative of the future or etc at all.

Ben Jones :

Yes but did they provide any promises based on that table?

Customer :

One moment

Customer :

No it's just a statistics

Customer :

But in the terms and conditions they promise to do whatever they can to eliminate negative slippage.

Customer :

However what I am receiving is out of line from market standards

Customer :

But this firm is an industry leader.

Ben Jones :

Who do you wish to complain to?

Customer :

I think the excess execution cost seems to be very poor

Customer :

Because a platform quotes the cost

Customer :

but my cost is often 300% higher than that.

Ben Jones :

ok but who do you wish to complain to?

Customer :

The firm initially.

Customer :

The reason is the cost is very high

Customer :

and +

Customer :

it deviates too much from the table as advertised

Ben Jones :

There is certainly nothing stopping you from complaining to the firm initially, you have the right to do so at any time if you feel that the services you are receiving are inadequate or do not match what you were promised at the outset. However, when you make your complaint think about what you were actually promised to start with – whilst they may have had a good year in 2010-2011, due to the nature of the industry they may have never been able to guarantee repeating that in the future. So by providing examples of past performance that does not automatically mean they were promising the same to occur in the future – their examples would have been for that year alone. Not having a clause that said past performance is not indicative of future performance also does not automatically mean that such performance would be indicative of future performance. Only if they had actually specifically told you that this is what you could expect could you really tell them that you have been misled.

Nevertheless, if they are obviously performing below average and there are identifiable reasons for that you may certainly include them in your complaint and highlight that the level of service is unreasonable.

Customer :

Alright but would it be reasonable to argue that if in 2010-2011 it is only 4.7 for 37 million worth of orders that were negatively impacted but 100 of mine are 90+% very unreasonable?

Ben Jones :

Yes but...it would depend on the reasons for that, whether it is anything within their control or if it could be attributed to other outside factors

Customer :

Hm

Customer :

Well the explanation from the firm is very apart from what they claim themselves to be.

Ben Jones :

Well I am not familiar with what they claim to be and what they actually are, or do so it would be impossible to advise in that much detail all I can comment on is the grounds for complaint and what you could potentially base them on, as mentioned above

Customer :

Ok so my position isn't too strong?

Ben Jones :

Well it's not bulletproof, that's for certain but as mentioned it would depend on what promises were actually made rather than what you believed you were being promised. Being given some information from the last does not automatically mean they were guaranteeing a repeat of this in the future.

Customer :

They promised to fix it

Customer :

In fact

Customer :

and i asked whether i should use the retail platform

Customer :

or the institutional one

Customer :

they said the retail one is uffice

Customer :

suffice

Customer :

but it turns out that the retail one is not suffice at all

Ben Jones :

it is quite difficult for me to give you specific advice on details like this I'm afraid as I have no idea of the industry you are talking about, the company itself, or how it should operate best....

Ben Jones :

So I have to just take you back to the original query on what you can and can't do in terms of complaining, which I discussed above

Customer :

The financial industry!

Ben Jones :

yes I understand but I am not a financial advisor

Customer :

hmm

Ben Jones :

So as you asked a question in the legal category I can only help with these aspects, such as misadvertising and what you can do in that case but I cannot give you advice on whether their systems are adequate, what platform to use and so on

Customer :

Is this misadvertising?

Customer :

Because they told me to use the retail platform when i asked based on my size whether i should be using retail or institutional

Customer :

they insisted on the retail one and there wouldn't be execution cost issues

Ben Jones :

This type of arrangement is quite specialist and nothing I have previous experience in I'm afraid so I don't want to mislead you by giving you further advice and will opt put of this question and allow someone else to deal with it if they can.

Customer :

Hm

Customer :

Well

Customer :

I could try and explain it if you prefer

Ben Jones :

I know it is outside of my area of expertise so if you don't mind I will open the quesiton up to all other experts to help if they can

Expert:  Nicola-mod replied 2 years ago.

Hello,

It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.

I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Nicola

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