CityIndex - claim FCA won't allow my account?

JimmyChanga

Tried to reactivate a dormant spread betting account with CityIndex. Filled in their online form for such and have been told it cannot be done because the FCA have rejected the application.

Background: Had a FinSpreads account for many years. Put 1k in it. Haven't done many trades in that time and only for small money but Finspreads would take a fee regularly because of no trades.

Just a while back CityIndex took them over. I got an email saying I would be charged £25 unless I made a trade by a certain date. I go to log on and found my account has been made dormant so cannot access it.

Now I'm not that fussed as I didn't use it much anyway but would the FCA be involved in reactivating an account for a spread betting firm?

Note, I'm not some bigtime trader, not been involved in dodgy trading and have a good credit score. Just seems weird.

SonOf

Now I'm not that fussed as I didn't use it much anyway but would the FCA be involved in reactivating an account for a spread betting firm?

No it wouldn't. At least not on an individual basis.

Alexland

From what I have read about these two operations then I really wouldn't want to be involved in either. The majority of retail investors would do better sticking to mainstream investments. If they are declining you an account consider it a lucky escape.

If they will not return your account balance follow their complaints process but I wouldn't suggest you give them (or anyone else) any more money in relation to this matter.