CMC GIA £50 bonus until 30 April 2023

Bridlington1

Rollinghome said:

Just been looking at the reviews for the CMC Invest app on Playstore and noticed this five star review from an apparently delighted customer whose name I'd seen before:

“david fineburg  14/12/2022
Just transferred my shares from Hargreaves Lansdown to CMC. Excellent customer service, seemless (sic) transfer and very quick. They kept me informed of the progress throughout. James H was a massive help.”

CMC Reply

“CMC Markets 20/12/2022
Thanks for the fantastic feedback and five stars David! We’ll pass on your kind words to James on our transfer team. We hope you continue to love the app and we’re looking forward to rolling out even more features for you.”

So could it be this be the David John Fineburg, listed on the FCA website as an “Executive Director of CMC Markets Investments Limited”, under “Individuals currently and previously involved in regulated activities at this firm”. https://register.fca.org.uk/s/firm?id=0014G00002e0k2oQAA

If so, it would be worrying to see the director of an investment company dodgy enough to post phoney reviews but not smart enough to have someone else post it.  Reviews of the app below his are less complimentary.

Or it could just be someone who happens to share the same name. I once searched facebook and found dozens of people who share my name so there's a good chance David Fineburg is in the same boat.

Rollinghome

Bridlington1 said:

Rollinghome said:

Just been looking at the reviews for the CMC Invest app on Playstore and noticed this five star review from an apparently delighted customer whose name I'd seen before:

“david fineburg  14/12/2022
Just transferred my shares from Hargreaves Lansdown to CMC. Excellent customer service, seemless (sic) transfer and very quick. They kept me informed of the progress throughout. James H was a massive help.”

CMC Reply

“CMC Markets 20/12/2022
Thanks for the fantastic feedback and five stars David! We’ll pass on your kind words to James on our transfer team. We hope you continue to love the app and we’re looking forward to rolling out even more features for you.”

So could it be this be the David John Fineburg, listed on the FCA website as an “Executive Director of CMC Markets Investments Limited”, under “Individuals currently and previously involved in regulated activities at this firm”. https://register.fca.org.uk/s/firm?id=0014G00002e0k2oQAA

If so, it would be worrying to see the director of an investment company dodgy enough to post phoney reviews but not smart enough to have someone else post it.  Reviews of the app below his are less complimentary.

Or it could just be someone who happens to share the same name. I once searched facebook and found dozens of people who share my name so there's a good chance David Fineburg is in the same boat.

It certainly could, hence the "if".  But how many David Fineburgs do you know?  I only found one David Fineburg on Google and that seems to be our David John Fineberg.

I also notice that the next reviewer, calling himself Hassan Waseem, gives another glowing review and also uses the word seamless, misspelt again as "seemless" just as did David Fineberg.  More coincidence?  So who is the next 5* reviewer, Mihai Candet?

A far more common spelling is Feinburg, so lots of David Feinburgs.  Just 8 or 9 reviews of their app and one of those from someone with the name of a Director.  I've no idea what the odds on that would be. Other reviews look questionable.

I'd also point out that faking reviews may be dishonest, but isn't the same as financial dishonesty. I wouldn't worry about £50 or so, but I'd want to look more closely before putting anything more substantial with them.

jimexbox

Got the 50 quid. Bought a few shares, will forget about them until Christmas and cash in. 

wmb194

Rollinghome said:

I'd also point out that faking reviews may be dishonest, but isn't the same as financial dishonesty. I wouldn't worry about £50 or so, but I'd want to look more closely before putting anything more substantial with them.

Whilst potentially fake reviews are unimpressive CMC Markets is a long established and profitable FTSE250 company (LSE:CMCX) so I personally wouldn't worry about rather a lot more than £50.

Rollinghome

wmb194 said:

Rollinghome said:

I'd also point out that faking reviews may be dishonest, but isn't the same as financial dishonesty. I wouldn't worry about £50 or so, but I'd want to look more closely before putting anything more substantial with them.

Whilst potentially fake reviews are unimpressive CMC Markets is a long established and profitable FTSE250 company (LSE:CMCX) so I personally wouldn't worry about rather a lot more than £50.

I don’t know anything of how the company is run or the services they offer.  Apart from the £50 handout, is there anything they could provide for you that is unobtainable from another provider where there’s no question of the integrity of directors? 

For me, being reasonably certain of that integrity is a basic requirement of any company I deal with, but particularly when they are entrusted with my money. Unfortunately, it’s far from unknown for FTSE250 companies to behave improperly or dishonestly. But each to his own.

wmb194

Rollinghome said:

wmb194 said:

Rollinghome said:

I'd also point out that faking reviews may be dishonest, but isn't the same as financial dishonesty. I wouldn't worry about £50 or so, but I'd want to look more closely before putting anything more substantial with them.

Whilst potentially fake reviews are unimpressive CMC Markets is a long established and profitable FTSE250 company (LSE:CMCX) so I personally wouldn't worry about rather a lot more than £50.

I don’t know anything of how the company is run or the services they offer.  Apart from the £50 handout, is there anything they could provide for you that is unobtainable from another provider where there’s no question of the integrity of directors? 

For me, being reasonably certain of that integrity is a basic requirement of any company I deal with, but particularly when they are entrusted with my money. Unfortunately, it’s far from unknown for FTSE250 companies to behave improperly or dishonestly. But each to his own.

You worry too much. Customer assets should be ring fenced from company assets and even if they're not or there is some kind of fraud or maladministration you're covered by the FSCS.

https://www.cmcmarketsplc.com/media/1494/cmc-markets-plc-annual-report-and-financial-statements-2021.pdf

masonic

  "CFD revenue per active client" tells you all you need to know about that activity.

wmb194

masonic said:

  "CFD revenue per active client" tells you all you need to know about that activity.

IKR and they're very profitable! That's where the £50s are coming from... It's the same with Trading212, the profitable CFD business appears to be subsidising its stockbroking business.

Rollinghome

wmb194 said:

Rollinghome said:

wmb194 said:

Rollinghome said:

I'd also point out that faking reviews may be dishonest, but isn't the same as financial dishonesty. I wouldn't worry about £50 or so, but I'd want to look more closely before putting anything more substantial with them.

Whilst potentially fake reviews are unimpressive CMC Markets is a long established and profitable FTSE250 company (LSE:CMCX) so I personally wouldn't worry about rather a lot more than £50.

I don’t know anything of how the company is run or the services they offer.  Apart from the £50 handout, is there anything they could provide for you that is unobtainable from another provider where there’s no question of the integrity of directors? 

For me, being reasonably certain of that integrity is a basic requirement of any company I deal with, but particularly when they are entrusted with my money. Unfortunately, it’s far from unknown for FTSE250 companies to behave improperly or dishonestly. But each to his own.

You worry too much. Customer assets should be ring fenced from company assets and even if they're not or there is some kind of fraud or maladministration you're covered by the FSCS.

https://www.cmcmarketsplc.com/media/1494/cmc-markets-plc-annual-report-and-financial-statements-2021.pdf

Tell that to former clients of SVS.  

As it happens, I once had an account with SVS but got out in 2017 long before the scandal after some minor hints made me decide they weren't worth the risk. 

I also had a similar response to yours, way back, when I warned on this board that the guarantee behind the two Icelandic banks was from a country with the same population as Croydon. I've never needed to be bailed out with FSCS money or from the UK Government, and would prefer to keep it that way for the benefit of everyone who indirectly contributes to FSCS funding - which includes you and me.

I'm very happy to see people who get into trouble being bailed out by the FSCS through no fault of their own, just as with social security, but it's frustrating to see it used to support anyone who can't be bothered to do their best to look after their own affairs.

Now, I'm not suggesting that this company is likely to act dishonestly on the basis of a couple of questionable reviews that appear to have been made by a Director, but I remain curious why you would choose to "give them a lot more", over another company providing the same services, and to possibly give them personal details you wouldn't want passed on.

wmb194

Rollinghome said:

wmb194 said:

Rollinghome said:

wmb194 said:

Rollinghome said:

I'd also point out that faking reviews may be dishonest, but isn't the same as financial dishonesty. I wouldn't worry about £50 or so, but I'd want to look more closely before putting anything more substantial with them.

Whilst potentially fake reviews are unimpressive CMC Markets is a long established and profitable FTSE250 company (LSE:CMCX) so I personally wouldn't worry about rather a lot more than £50.

I don’t know anything of how the company is run or the services they offer.  Apart from the £50 handout, is there anything they could provide for you that is unobtainable from another provider where there’s no question of the integrity of directors? 

For me, being reasonably certain of that integrity is a basic requirement of any company I deal with, but particularly when they are entrusted with my money. Unfortunately, it’s far from unknown for FTSE250 companies to behave improperly or dishonestly. But each to his own.

You worry too much. Customer assets should be ring fenced from company assets and even if they're not or there is some kind of fraud or maladministration you're covered by the FSCS.

https://www.cmcmarketsplc.com/media/1494/cmc-markets-plc-annual-report-and-financial-statements-2021.pdf

Tell that to former clients of SVS.  

As it happens, I once had an account with SVS but got out in 2017 long before the scandal after some minor hints made me decide they weren't worth the risk. 

I also had a similar response to yours, way back, when I warned on this board that the guarantee behind the two Icelandic banks was from a country with the same population as Croydon. I've never needed to be bailed out with FSCS money or from the UK Government, and would prefer to keep it that way for the benefit of everyone who indirectly contributes to FSCS funding - which includes you and me.

I'm very happy to see people who get into trouble being bailed out by the FSCS through no fault of their own, just as with social security, but it's frustrating to see it used to support anyone who can't be bothered to do their best to look after their own affairs.

Now, I'm not suggesting that this company is likely to act dishonestly on the basis of a couple of questionable reviews that appear to have been made by a Director, but I remain curious why you would choose to "give them a lot more", over another company providing the same services, and to possibly give them personal details you wouldn't want passed on.

SVS clients were covered. The issue there was the time it took to transfer them to a new broker. In the end it all worked out. Kinda... SVS was a small, unprofitable company dabbling in strange things. I remember looking at it once and thinking why would anyone use it when iWeb - aka Lloyds Banking Group - charged the same per trade. 

My attitude to the Icelandic banks was the same as yours but as I've tried to demonstrate CMC is a completely different beast. The FSCS is just a worst case backup.

One swallow doesn't make a summer and neither does one or two shady 5* reviews.