Hi,
I think this is new to CAG.
I have a trading account with a forex broker.
i noticed a few trades on my ledger that I hadn't authorised.
On closer examination I discovered my son had been playing with my account.
He has a demo account and likes to pretend to trade,
but had used my live account a couple times on my iPad/iPhone.
My first instinct was to write it off and blame myself for not being diligent enough.
Then I came across a potential precedent.
SPREADEX LTD V COCHRANE [2012] EWHC 1290
http://www.druces.com/spreadex-vs-cochrane-online-terms-did-not-form-contract/
The case is a victory for the consumer over a forex broker for a few reasons.
- Contract was too onside and provided no benefit for the customer
- Unreasonable to expect the customer to read the dozens of pages of T&C which are hidden behind a checkbox on a sign up page. Goes against UTTCR according to the judge.
It's a long-shot but I have lodged a complaint with the broker asking for the trades to be refunded and quoted the case.
If they don't respond favourably I will try the FOS route.