Joshua : Thanks for your question. Please kindly RATE my answer when you are satisfied
Joshua : How have they debited your account please - e.g. direct debit or debit card etc?
Joshua : When roughly did these debits occur?
Customer: they first debited my credit card for a total of 10K $
Customer: after that fraudulent activity occurred on my card, thus cancelled it
Customer: they then asked for me debit card - and charged 90K $
Customer: it first started on the 23.4.2013
Customer: on the 14th of May, they debited my account for 7K $
Customer: when asked why, they said by a mistake
Customer: and will refund
Customer: during that period, contracts have been open, i emailed the broker and spoke to him over the phone to place a stop loss order
Joshua : Thanks. Finally for the avoidance of doubt you are content that you have at no stage given them authority to debit your account with these funds?
Customer: he never did and never answered my calls after that - until the 107K + 100K profit have been evaporated to 0
Customer: and until now, he doesnt answer
Customer: they sent me debit confirmations for the first 100K which after so many calls from them signed and emailed back.
Customer: the 7K deposit confirmations have never been signed
Customer: and they never even asked for them
Joshua : Thanks. The position is as follows. In respect of a bank account the Payment Services Regulations 2009 require a bank to fully restore a customers account to the position it would have been in had there not been a fraud. This would include any bank fees incurred, crediting interest that would have been paid and so on. The banks must comply with these regulations unless they can prove that you have yourself acted fraudulently or grossly negligently.
Joshua : They are entitled to ask you to confirm in writing that the transactions are fraudulent and they are unlikely to take action to refund the money until you have done this because particularly given the amount involved they will want you to put on formal record that the transaction are fraudulent. Once this has been done usually the refund of monies is relatively swift but it can vary a little because the bank will want to investigate the matter before doing so.
Joshua : There is another basis for a refund if the money was taken by card under the VISA or Mastercard chargeback scheme but the procedure is much the same. There is a 3 month time limit under the VISA and Mastercard scheme whereas there is a 13 month time limit under the payment regulations.
Customer: the transaction has been through visa electron debit card
Joshua : Thanks. I believe this is covered by the VISA charge back scheme but in any event is covered by the banks 13 month fraud obligations as above.
Customer: and in the case where they are not registred under FSA ?
Joshua : If having reported the fraud to your bank or card issuer you remain dissatisfied with the bank's resolution process you can make a formal complaint. If you remain dissatisfied with the outcome on conclusion of that complain you can complain to the Financial Ombudsman who can independently look at your complaint and if they deem it appropriate award compensation in addition to the money you have lost.
Joshua : It doesn't matter whether the FOrex agent is registered or not for the above purpose because your claim is against your bank not the Forex agent. You have a separate claim of course with the agent but itis likely to be much easier to claim through your bank so there seems no sense in pursuing the forex agent directly. Your bank will do this for you.
Joshua : Does the above answer all your questions or is there anything I can clarify or help with any further?
Customer: so my first step is to contact my bank. correct ?
Joshua : That would be my suggestion yes. They will likely send you a form to complete to sign to confirm you did not authorise the transaction and that you have tried to contact the agent without success. Providing they are satisfied with your information they will refund the money to your account within a few days and pursue the agents bank themselves on your behalf.
Joshua : Is there anything else I can help you with>
Customer: will the deposit confirmations work against me ?
Joshua : Not if they are simply communications confirming deposits to your account. There must be evidence of authorisations to charge your card.
Joshua : Can I help you with or clarify anything else?
Customer: confirmations that need to be signed by me and returned to them
Customer: and that was after debiting my accounts
Joshua : Did you sign them?
Customer: but two were unsigned
Customer: as i didnt authorize them
Joshua : Those that you have signed will be authorised and you cannot claim these to be fraudulently debited. Those that yuo did not sign you can.
Customer: i see , thank you very much
Joshua : Those authorities you did sign will can still potentially be claimed back under VISA chargeback provisions within 2 months if the person did not perform the service they promised but if they were deposits to an account with them then this approach may not work. If this is the case if they are FSA registered then a complaint to the Financial Ombudsman can be raised. Otherwise you will need to consider a claim in the county court using the "moneyclaim" service against the agent.
Customer: they are not registered under the FSA
Customer: his colleague just called me back and said that the broker is sick.
Joshua : In that case as to the authorities you have signed consider pursuing them through your bank as above anyway but also consider a report to the police and subsequent claim using the moneyclaim service against the agent for the monies together with interest at 8% / year
Joshua : https://www.moneyclaim.gov.uk/
Customer: great, thank you for your help sir
Joshua : A pleasure. I wish you well in recovering your monies.
Joshua : If you have no further questions for now I should be very grateful if you would kindly take a moment to rate my service to you today. Your feedback is important to me. If there is anything else I can help with please reply back to me.
Customer: yes sir, thank you , i will :)