Sure LCG Trading (a forex trading service) are closing all accounts by a certain date regardless of profit/loss!! ive banked with them for 5yrs.

[mrbounce]

Hi

I am not sure if this is the right place for this... 

I have an account with a forex trading service, which is regulated by the fca in the uk. I have had an account with them for over 5 years, and it's been generally fine. 

Recently they announced that are changing the way they do business and they will not be offering a trading service by of end of July. They have given details of another company they recommend, however no option to transfer existing trades across.

They will close any open positions on their last day, regardless if you are in profit or loss. They haven't confirmed what happens to the remaining balance on the account either. 

If they do this, some customers could end up making a loss, even though we would be happy to keep it open longer, until we make a profit (or at least break even) as have ample funds in the account to keep it open.

If this was to happen, do you know if the fca could protect customers, if their complaints department are willing to do anything? Also if they don't return any remaining balances, is that something the fca could look at? 

Also their app has been down for over 48 hours, which is making it difficult to see what is happening with my existing open trades etc! 

[honeybee13]

Hi.

I'm sorry that you're having problems, and unexpectedly as well.

Could you tell us the name of the company please?

HB

[mrbounce]

Sure LCG Trading 

[dx100uk]

are they?

Check if your investments are FSCS protected | FSCS

WWW.FSCS.ORG.UK

---

If you've got money to invest, there's never been such a range of options. But is your investment is protected by FSCS? Our Investment protection...

 

[mrbounce]

They are on the FCA register 

[dx100uk]

so ......did you click start?

 

[mrbounce]

Yes.... 

You might be protected, depending on the circumstances

If you were dealing with a regulated firm, and your investment product meets the relevant regulatory definition, you may have some FSCS protection if the regulated firm fails. 

But this will depend on what regulated activity the firm was carrying out for you and whether any exceptions apply. You'd also need to meet our eligibility criteria, so protection will vary depending on your individual circumstances.

This means we can't say for sure whether your investment is or isn't FSCS protected. But your firm should be able to tell you more (see the box beow).

Where FSCS can protect you, we can pay compensation of up to £85,000 per person, per regulated firm.

[dx100uk]

so there you go

you know where you stand.

 

dx

 

[1968]

Hello Mr Bump,

Have you taken this further? I am in a similar position with LCG.