Stockbroker charges

ammera

Does anyone know if stockbrokers charges can be claimed back. On many occasions I have not been able to settle in time with them and my stockbroker has charged £40. are these similar to the bank charges, after all the stockbroker is part of a bank?

willo65

Why did you buy stock that you didn't have cleared funds available for?

ammera

i did have funds I just have been late in transferring the money from my bank account to the stockbroker account

Tozer

I suspect this is very different. If the broker has committed to purchase stock on your behalf and you are late paying, then the broker would have to arrange alternative finance to buy the stock.

Therefore it seems fairly easy for them to be able to show that the charges are not penal in nature.

hypno06

If the stockbroker is unable to settle with the market, then the broker will be charged by the market......so at least some of the charge that you are being asked to pay will be the charge that they are receiving themselves.

I would very much doubt that you could claim anything back on this as it is more of an expense than a penalty.