Online Broker sold stock at wrong price

EdGasket

I recently sold some government stock using an online trading platform. I entered how many I wanted to sell; was quoted a price that looked right and accepted the deal within the time limit. The deal was accepted and I duly received a contract note. However the amount due to me was far more than I was expecting as the system seems to have muddled pounds and pence in the stock pricing. What is the position regarding this deal and contract? Can the broker come back and say it is null and void due to a 'system error' or can I insist that it stand as I have a valid contract note and accepted the price offered to me?
Any views please?

Reaper

There are some other threads like this if you do a search.

If you look in your brokers T&C you will undoubtedly find they cover themselves for errors. As it is clearly an error and you are aware of the fact you can expect it to be reversed at some point.

The law is less clear if you did not know it was an error (because the error amount was smaller) and went on to spend the money in good faith.

Stonk

EdGasket wrote: »

I recently sold some government stock using an online trading platform. I entered how many I wanted to sell; was quoted a price that looked right and accepted the deal within the time limit. The deal was accepted and I duly received a contract note. However the amount due to me was far more than I was expecting as the system seems to have muddled pounds and pence in the stock pricing. What is the position regarding this deal and contract? Can the broker come back and say it is null and void due to a 'system error' or can I insist that it stand as I have a valid contract note and accepted the price offered to me?
Any views please?

I'm sure you won't be able to force them to give you the extra money just on the grounds that the contract note was printed wrongly. From what you say, it seems clear it is an obvious typo or a system error, and such things are surely excluded from enforceability. I'd also expect the broker not to completely cancel the transaction - it should go through as you intended and agreed, and you should both be satisfied.

EdGasket

Thank you for your comments.
It's a bit annoying to have to give way as I suspect if it was me who had made a typo and bought too much or 'clicked' when I didn't mean to, the Broker would enforce the trade; still that's life. At the moment, the excess money is in my account. The mind boggles as to what would happen if I traded it all before they realised their mistake!

Ref. seaching other similar threads - is there a way to enter several seach words such that all words must occur in the thread? I am getting far too many irrelevant results.

Reaper

Yes the search tool is not the best, but I found one of them for you:
https://forums.moneysavingexpert.com/discussion/2581877