Nice people thread part 5 - nicely does it

CKhalvashi

LydiaJ wrote: »

I don't drink coffee or alcohol anyway

Those are the only 2 things that I do drink!

DD2 went to grab a glass thinking it was 1/4 full of orange juice this morning, not realising that half of what was in there was vodka :eek:

I make an amazing role model really

CKhalvashi

PasturesNew wrote: »

Up to £50k covered by FSA anyway.

I thought it was £85k?! Or am I mistaken? :cool:

PasturesNew

CKhalvashi wrote: »

I thought it was £85k?! Or am I mistaken? :cool:

It's £85k for cash in banks.
This is something different as it's spread-betting, so some other agreement.

michaels

As the sum in question will be somewhere between zero and £1500 with the former being more likely I am probably safe

How do you just 'lose' £13m from client accounts anyway?!

i don't spread bet (or bet at all, I work to d*mn hard for the money) but it was a deposit, open a trade and we will give you back up to £500 of your net losses which can obviously easily be hedged for a couple of hndred profit.

mystic_trev

I had a few hundred on deposit with Worldspreads. Thought I'd lost the lot as it's 'gambling' It was a right result when I found out it's covered by the FSA! Odd thing was, I used to get regular calls from Worldspreads, offering 'enhancements' if I topped up my funds!

CKhalvashi

PasturesNew wrote: »

It's £85k for cash in banks.
This is something different as it's spread-betting, so some other agreement.

Didn’t know that

Thanks

chewmylegoff

michaels wrote: »

As the sum in question will be somewhere between zero and £1500 with the former being more likely I am probably safe

How do you just 'lose' £13m from client accounts anyway?!

i don't spread bet (or bet at all, I work to d*mn hard for the money) but it was a deposit, open a trade and we will give you back up to £500 of your net losses which can obviously easily be hedged for a couple of hndred profit.

You lose client money by transferring it out of the client account and spending it on things. As long as the person who does the daily client money reconciliation is in on it, no one is likely to find out immediately.

People always say "why didnt the auditors notice" (which has happened again in the press for this one) but the auditors only go in once or twice a year, how are they supposed to know if the directors are diverting the cash when they're not there.

Generali

michaels wrote: »

As the sum in question will be somewhere between zero and £1500 with the former being more likely I am probably safe

How do you just 'lose' £13m from client accounts anyway?!

i don't spread bet (or bet at all, I work to d*mn hard for the money) but it was a deposit, open a trade and we will give you back up to £500 of your net losses which can obviously easily be hedged for a couple of hndred profit.

Client money simply isn't taken seriously enough. If you have a margin account with a broker and keep cash in it then all of that money is yours, not the broker's. They can't lend it, borrow it or do anything with it except leave it in a metaphorical envelope with your name on it in their sock drawer.

Client money breaches should be covered by senior management depositing personal cash into escrow accounts. The amount senior management should be on the hook for should be at a 1:1 ratio with the largest breach in the last year or 2. If they can't put in the cash then they should be bankrupted pour encourager les autres.

chewmylegoff

Generali wrote: »

Client money simply isn't taken seriously enough. If you have a margin account with a broker and keep cash in it then all of that money is yours, not the broker's. They can't lend it, borrow it or do anything with it except leave it in a metaphorical envelope with your name on it in their sock drawer.

Client money breaches should be covered by senior management depositing personal cash into escrow accounts. The amount senior management should be on the hook for should be at a 1:1 ratio with the largest breach in the last year or 2. If they can't put in the cash then they should be bankrupted pour encourager les autres.

yeah but in reality as i'm sure you are well aware and i am just teaching you to suck eggs, the cash entry in your margin account is just a book entry on their accounting system and the client money is actually aggregated and swept into a segregated account somewhere else (preferably at an external institution). you then need to make sure that the amount in the segregated account is the right amount, but of course your internal systems will be a shambles because you haven't spent enough money on them so you have to just dump a buffer on top etc etc.

lemonjelly

chewmylegoff wrote: »

to be fair, i only gave her the silent treatment when in fact she deserved the hair dryer*. she had been specifically told never to put my trousers in the washing machine again after the first time. i can't remember ever being so cross in my entire life!

* = for those unfamiliar with alex ferguson, this is not a form of domestic violence.

Hmmm....

either empty yer forking pockets, or do yer own forkin washing!