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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I have entered into a financial services contract with an inducement

Customer Question

I have entered into a financial services contract with an inducement offer discount on the more products and volume I invest in, the less I pay as they discount me along the way.
I have inquired also which platform I should be using, however so, the platform I was sold to was not fit for purpose at all.
During my customer with this firm, the inducement offer also never materialised and it was in fact much more expensive than the discounts claim due to the an unfit service which is unfit of my needs, which the firm is in fact fully aware of.
What claim do I have then under this situation?
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Hello my name is ***** ***** I will help you with this.
For now please confirm whether the offer discounts were in writing before you places the order?
Customer: replied 2 years ago.

The offer discounts are in writing, where they advertised the costs of execution would be 40% less than a normal account. Under the basis of the more you trade with this broker, the more discounts you get. I was on a 60% mark down, where execution costs are around 0.006% of every single position size, however, the system was very bad and had filled me at a price that's 0.05%, around 500% more expensive than what the platform had showed as well as the discounts table.

Hence the platform is not fit, as well as the discounts never stood up.

Expert:  Ash replied 2 years ago.
Ok. So it was on the basis of these discounts you entered into the contract?
Customer: replied 2 years ago.

It was on the basis that they said it was fit for purpose and the discounts yes indeed .

Expert:  Ash replied 2 years ago.
You need to write and set out your losses and request a refund within 14 days or say you will go to Court within 14 days. You should make sure you send this signed delivery and keep a copy.
If they do not refund you then you can issue proceedings in the County Court. You can either do this online at: or by completing form N1 and take it to your local County Court.
The Court will then issue a claim which a copy will be sent to the Defendant who will have a limited time to defend it, if not you can enter Judgment and enforce.
If the claim is for £10,000 or less it will be a small claim so you will not need legal representation. Over this value you would need representation for trial.
Customer: replied 2 years ago.

But I want to know if I have a case based on what's been said

Expert:  Ash replied 2 years ago.
From what you have said yes. There has been representations, you relied on those and it turned out to be wrong.
Customer: replied 2 years ago.

Even if there are exclusion clauses and conflicting terms and conditions in the terms of business these will still become express terms and be legally binding?

Expert:  Ash replied 2 years ago.
Yes you would argue those exclusions are unfair and regardless there has been misrepresentions which trumps all.
Expert:  Ash replied 2 years ago.
I am just following up to see if there is anything else I can help with?
If this answers your question might I ask you to rate my answer before you go today please, the button should be at the bottom of the screen.
If you need more help please click reply.