Submitted on Saturday 7th February 2015
Rejected on Wednesday 21st June 2017
Current status: Rejected
Rejection code: duplicate (see below for details)
Instruct the FCA to investigate spread betting companies
We urge the government to instruct the FCA to investigate procedures of spread betting companies in regards to execution of stop loss orders.
During recent market turmoil in the Swiss franc (January 15), many spread betting companies failed to properly execute client stop orders, often due to their own technical and procedural shortcomings. Thousands of UK retail clients have lost their life savings, and face imminent bankruptcy and the loss of their homes because spread betting companies failed in the best execution obligations they advertised.
We urge the FCA to investigate if spread betting companies have adequate safeguards in place to ensure they can act quickly and effectively in volatile market situations - and prevent clients from again suffering excessive losses due to company failures to provide a robust and responsive platform.
We also urge the FCA to investigate if any clients have suffered damages due to company negligence.
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The Government e-Petitions Team gave the following reason:
There's already a petition about this issue. We cannot accept a new petition when we already have one about a very similar issue.
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3.15.25.32 Sun, 05 May 2024 02:51:10 +0100
