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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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A ForEx Company we have been trading with has misrepresented

Resolved Question:

A ForEx Company we have been trading with has misrepresented facts and will not allow us to withdraw the (much depleted) funds they hold of our money. They claim to be working out of London, but we have discovered they are based in the Seychelles. The owner/Director of this Company (and many others) lives in the UK. Does the 14 day cooling off period for goods/services bought online law in this country apply in this case?
Any advice gratefully received, thank you.
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you with this.Where did the transaction take place please?Alex
Customer: replied 1 year ago.
Hello Alex, Where? This was done online.
Expert:  Ash replied 1 year ago.
Which country were the funds send, was it in the UK?
Customer: replied 1 year ago.
Yes, from a UK bank account
Expert:  Ash replied 1 year ago.
OK. Its bad news I am afraid. Under Consumer Contracts (Information, Cancellation and Additional Charges) Regulations there are a number of exemptions from the 14 day cooling off period:- ‘investment’ type products such as vintage wines, subject to speculative purchase and where the price in the financial market may vary- financial services are generally exempt although warranties, credit agreements and insurance which are offered in conjunction with the sale of a non-financial goods or services, will still need to meet the requirements for cancellation of ancillary contracts and additional payments not being a default optionTherefore sadly this appears to be exempt. For more information please see:https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/429300/bis-13-1368-consumer-contracts-information-cancellation-and-additional-payments-regulations-guidance.pdfI am sorry if this is not the answer you want, nor the one I want to give you, but I have a duty to be honest.Can I clarify anything for you about this today please?Alex
Customer: replied 1 year ago.
Thank you for that reply. As a company these people have been grossly incompetent and negligent. What we really need to know, if the 14 day rule does not apply, is can we anything in regard to the lack of "duty of care" that we have suffered? They purport to be based in the UK, but are not - although the Director is. Does UK law apply to him and his Company?. I can certainly send you a letter we have put together about our situation if that would help? It is not so much the getting back of the money that concerns us - although we can ill afford it - it is the negligent behaviour of their employees and the lies they told that caused this situation in what should have been a training period. As advertised on their website.
Expert:  Ash replied 1 year ago.
Unless you paid him personally you cant go after him, it has to be the Ltd company.But you could report this to the Police and see if they will take any action.But sadly even if there were a duty it would only extend to the company and not him.But try the Police. Does that clarify? Alex
Customer: replied 1 year ago.
Thanks again. He is the sole Director of the parent Company, so shall we write stating our case and the fact that we intend to take him/the Company to Court for misrepresentation to the address that is the "registered" address or to him personally - or both? We have informed the Police and the Trading Standards and are awaiting responses from both. Really I suppose our question is about the tone of our contact with the overall person(s) responsible for the Company behaviour and what charges we can legally use against him/them? Would it be of help to you if I attached or emailed the details of this to you?
Expert:  Ash replied 1 year ago.
Yes you can try that. You can try and claim personally but that may be very hard.You would have to pierce the corporate bubble. I dont need to see the emails as you have given me a flavour of what has happened.Can I clarify anything else for you today? Alex
Customer: replied 1 year ago.
CYSEC rules do not apply here then? It is all so confusing. It appears that the UK exemptions to the Consumer Contracts legislation overide this international organisation rulings, approved by the FCA, that the UK has signed up to? Surely thi cannot be the case?
Customer: replied 1 year ago.
I am so grateful for your time and I am sorry to keep bombarding you with questions, but we would love to bring this Company to the forefront of judicial justice. The behaviour has been quite shocking.
Expert:  Ash replied 1 year ago.
Indeed. If this answers your question could I invite you to rate my answer before you go today, otherwise the site doesn’t pay me for the time spent with you. Thanks in advance! Alex
Customer: replied 1 year ago.
Could you just tell me why the CYSEC rules do not apply in this case for the 14 day cooling off period before you go please?
Expert:  Ash replied 1 year ago.
Because Forex is a grey area. Some consider it an investment, others a bet. I know for tax purposes if its secondary income you dont pay tax on it because its a bet. Alex
Customer: replied 1 year ago.
Yes, we understand all this, but it does not answer the question. The FCA have stated that Binary Trading is not betting, (please refer to www.fca.org .uk) but again this is not the point. Why are we not covered by the European regulations that quite clearly state that internet transactions/trading agreements are subject to a 14 day cooling of period? If you could just clarify this for me, I will go away - honest!
Customer: replied 1 year ago.
Is this a question you can answer, or does it need some time to look into it? I understand that time is money...
Expert:  Ash replied 1 year ago.
If you transfer it to a uk account then it DOES apply. I understood it was not. But if it was uk then it does apply. Does that clarify? Alex
Customer: replied 1 year ago.
Ah! We have only ever transferred our money from a UK account. So the letter we send can legally state that the 14 day rule applies as the fact we asked to end our dealings with this Company was made well within the 14 days? If this is correct then this is the answer I need in order to send the correct letter to the Company.
Expert:  Ash replied 1 year ago.
Yes yes yes. That's correct. Does that help?
Customer: replied 1 year ago.
Excellent. That is what I needed to know. We shall now get a stiff letter off to them. Thank you for your time and patience.Go and get yourself a nice lunch! Best regards, Angie.
Expert:  Ash replied 1 year ago.
If I could invite you to rate my answer before you go today please, otherwise the site does not credit me for the time spent with you today. Thanks and good luck. Alex
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