If you do not agree with the account balance on the final statement that was first sent to you on 30 March 2012 please fill in the form below. Please complete one form for each account number you hold. Please use your account number as the filename and send it to worldspreads-enquiries@kpmg.co.uk together with any evidence supporting your claim.
This is the link for the form:
http://www.kpmg.com/UK/en/IssuesAndInsights/ArticlesPublications/Documents/PDF/Advisory/worldspreads-final-statement-query-form.pdf
Kind Regards
Rav
This is the link for the form:
http://www.kpmg.com/UK/en/IssuesAndInsights/ArticlesPublications/Documents/PDF/Advisory/worldspreads-final-statement-query-form.pdf
Kind Regards
Rav
What happens to anyone who owes worldspreads money?
ReplyDeleteAre they required to pay? Given that worldspreads had no intention of paying should the bet be a winner, is the bet therefore void?
If you owe money to Worldspreads you still have to pay and will be pursued by KPMG to do so.
ReplyDeleteAnyone with old or current outstanding margin call debt will be an automatic debtor to KPMG . Belive me when i say they will hunt down every last debtor to redeem any money back for the pot.
ReplyDeleteThey wont be a debtor to KPMG... They will be a debtor to WS.
ReplyDeleteGiven WS is clearly in breach of contract, the bet should be void in my opinion.
On another topic, isn't it ironic that KPMG take their fees from the client funds if the pot runs out. At what stage does it become not worthwhile chasing bad debt (i.e. if KPMG's fees on chasing the debt are bigger than the debt being chased)?
WS is not at all in Breach of contract, it is in the contract that they can close the bet.See this blog.
DeleteIf you owe less than £100, they probably wont chase you but above this they almost certainly will by simply issue proceedings in the small claims court and as you will lose you end up paying the debt plus the fees.
Remember unlike a going concern they now have no name or future business to protect. They will just file against you.
Whenever a company goes bust anyone who owes them money thinks "oh good, I wont have to pay them".
DeleteKPMG are pretty used to that and guess what,they get their money.
I'd love to bet its the other way around. Anyone who owes 100k+ will fight it in the courts and there will be a 'settlement'. Anyone under £100 will be hunted down.
DeleteI think that anyone who owes WS money will be chased, and rightly so. Anyone who has an offside bet that has been closed is in a different boat.
DeleteEssentially, you have bought a product that hasn't been delivered. If you bought a series of books online, and they only delivered half of them before going out of business, you wouldn't be expected to pay the full balance on your account.
If someone is long say June FTSE or something, I cant see the difference.
If you can argue Worldspreads were acting illegally when they took the bet, then any client T&C's are out the window.
In my opinion.
THE OPEN POSITIONS CLAUSE:
Delete6.9 In the event of any of the following, WS reserves the right (but is not obliged) to close any or all, in whole or in part, of your open bets (including those
held on a joint account with others) on the basis of WS’ current (or next available) market quotation, to exercise its rights of combination consolidation and
set off hereunder, to close your account and not accept any further bets from you, in each case with or without notice to you, and such closure will
generally (but not always) be carried out by WS at either 12.00 noon or 16.00 on the day in question, but it reserves the right to effect closures at any
time:
(i) if any method of payment employed by you to make payment to WS is not met on first presentation or is subsequently dishonoured;
(ii) if Variation Margin is due and you fail to pay such Variation Margin in full within three Business days of becoming due or in accordance with the relevant
timescales as set out in clause 6.5 and 6.6 as the case may be;
(iii) if, in the case of Credit Account holders, the amount of Variation Margin due exceeds three times your Credit Allocation, or, in the case of Deposit
Account holders, the amount of Variation Margin due exceeds three times your Account Balance;
(iv) if WS considers, in its absolute discretion, that you are unlikely to meet any Variation Margin payment or any other payment when due;
(v) if WS considers, in its absolute discretion, that you have materially breached any of the clauses contained within this Customer Agreement as may be
amended from time to time;
(vi) if any representation or warranty made by you in relation to this Customer Agreement is found to be, or becomes, untrue, inaccurate or misleading in
any respect;
(vii) if you become the subject of an Insolvency Event;
(viii) if you should die, be committed as a patient under relevant mental health legislation or any court order is made in respect of you under relevant
mental health legislation or WS suspects or believes the same to be true;
(ix) if we are in dispute in relation to any order, bet or instruction, save that in such case we may close all but not part only of the actual or alleged bet in
dispute whether or not such action is considered desirable for minimising the amount in dispute;
(x) if there occurs any other event or any other circumstance exists, where we reasonably believe that it is necessary or desirable to take any of the above
actions in order to protect ourselves or any or all of our other clients;
(xi) if any regulatory body of WS’ business, or the rules of such a body, require WS to do all or any of the foregoing.
WS reserve the right to exercise all or any of the rights referred to in this clause 6.9 upon or at any time after the occurrence of any of the events therein
referred to and regardless of when the underlying market may close.
Every client signed up to the above terms and conditions.They had every right to close the positions,indeed the FSA required them to.
DeleteThere is no way that WS could close a winning bet and then say that you are not owed the profit at the closure price. There is not a court in the land that would say such a client was not owed money by WS. So what makes you think you are not liable to the loss at the closure price given that you signed T&C s allowing them to close it?.
DeleteIf you dont pay you just incur court fees when you lose the case.
Sure, but if a fraud has occurred, the T&C agreement is void.
DeleteWhy, why is the T&C`s void if there is a fraud?.
DeleteThe fraud was nothing to do with the taking of bets, it involved the taking of the clients money that they had posted as deposit for those bets.
Nothing to do whatsoever with the T&C`s.
What you are trying to do is justify in your own mind wriggling out of what you know full well you owe.
For the T&C`s to be void you would have to argue that the T&C`s were themselves fraudulent. Which they are not.
DeleteYou may not like them, but as a client you signed them.
If the Terms and Conditions of business are void by the mere fact that a fraud has taken place in the firm, I sure do hope that my local bank manager has his hands in the till because then I wont have to pay my mortgage back!.
DeleteIf the fraud is unconnected to your mortgage you would obviously still have to pay your mortgage. If you were fraudulently sold your mortgage that would be different.
DeleteIf someone fraudulently uses your bank card, the bank refunds that money.
hi Rav,
ReplyDeletei have a question : i have been contacting by editor@spreadbetmagazine.com that want my phone number concerning worldspreads.
is it normal ?
thank you for your help.
regards
Nicolas
Good morning,
ReplyDeleteHi Nicolas,
Could you tell me in what context they have contacted your self as I will not be happy at all if it is anything to do with marketing.They are a group that are looking at preparing a legal case for clients that have lost above 100k.
The Person that would have contacted you could be Richard Jennings.
Please let me know ASAP if there is anything else going on as I will put a notice on the blog regarding this
Kind regards
Rav
in fact i answer the link on your blog for client over 100k, and yes it is Richard that contact me. I answer that i don t speak fluently english and that i prefer he write me by email.
ReplyDeleteregards
does it worth to join the Worldspreads Action Group ?
ReplyDeleteregards
Steve I have emailed you this morning,
ReplyDeletePlease can you give me a call when you are free
thanks
Rav
Hum, are my monies secure with other spread betting companies like London Capital Group´s CapitalSpreads? I don´t know, I don´t believe any company anmore that is stating like London Capital Group or MF Global or WorldSpreads that customer monies are "segregated"! I mean MF Global has lied to all of its customers, isn´t it? WorldSpreads has lied? Who is telling you that other companies are not lying, too? Better, I move my money away.
ReplyDelete