[THE END OF III.CO.UK]
III are bad, but today was the final straw. Weighing up my options on Sunday night, I decided to place a limit order for FGP as it looked good on moves over 531.75 as per my Crystal Balling blog.
I had college all day, but checked the price at 10am and it was around 516 - which meant that the stock had not yet pierced my trigger point, nor was it ready to short.
I got back today and checked my email, and I had an email from iii.co.uk - a standard "confirm your transaction", which I thought was weird, because I hadn't traded anything and FGP was way off any trigger points.
That was true.
But not if you're a dodgy piece of crap dealer.
The daily high on FGP was 526.5 - over 5p and about half a percent away from my buy order at 531.75.
FGP closed the day down 4.1% at 506p putting me at a loss of £100 before I even had a chance to complain.
I am only a small player in the game, and no doubt this will go unanswered, but how can you succeed and trade mechanically when the third party human error element is still on in the background?
A buy order at 531.75 should be a buy order at 531.75, not buy at 524.24.
I am currently complaining to customer services, and have been on hold for quite a while. No doubt they are formulating excuses to validate their deal.
The only way they can resolve this favourably is a full refund of my original consideration and brokerage costs.
Update
After some investigation, I have discovered that not only did they make a mistake, 90% of my holding was a trade for 400 shares at the daily high - 1.5p above any other trade value throughout the whole day. Unbelievable!
I had college all day, but checked the price at 10am and it was around 516 - which meant that the stock had not yet pierced my trigger point, nor was it ready to short.
I got back today and checked my email, and I had an email from iii.co.uk - a standard "confirm your transaction", which I thought was weird, because I hadn't traded anything and FGP was way off any trigger points.
That was true.
But not if you're a dodgy piece of crap dealer.
The daily high on FGP was 526.5 - over 5p and about half a percent away from my buy order at 531.75.
- III bought the stock on my account with an execution price of 524.24.
- At no point during the trading day was this price registered as a buy, sell or part of a contract. This leads me to believe that the iii dealing team sold me these stocks because they were going down.
- They sold them despite our bargain not being reached.
- They also sold them off the market and were not registered.
FGP closed the day down 4.1% at 506p putting me at a loss of £100 before I even had a chance to complain.
I am only a small player in the game, and no doubt this will go unanswered, but how can you succeed and trade mechanically when the third party human error element is still on in the background?
A buy order at 531.75 should be a buy order at 531.75, not buy at 524.24.
I am currently complaining to customer services, and have been on hold for quite a while. No doubt they are formulating excuses to validate their deal.
The only way they can resolve this favourably is a full refund of my original consideration and brokerage costs.
Update
After some investigation, I have discovered that not only did they make a mistake, 90% of my holding was a trade for 400 shares at the daily high - 1.5p above any other trade value throughout the whole day. Unbelievable!
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