SHOCKED - broker executed trades, but missed bookings in cash statement

caldi9
caldi9 Posts: 210 Forumite
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edited 11 August 2018 at 9:50PM in Savings & investments
Ladies / Gents,

I did a simple calculation to see what my YTD return is. There was a material difference and the broker forgot to book 3 (!) separate items as cash inflow:

- I sold a stock twice which the broker did not book as cash inflow
- The broker did not book 2 separate dividends

In total, the value of the non-booked (but executed) cash items is £30,000!

Has anyone ever experienced anything like this? Should I take a lawyer? Could I get something out of this?

Thanks
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Comments

  • NewShadow
    NewShadow Posts: 6,858 Forumite
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    What material harm have you suffered?
    That sounds like a classic case of premature extrapolation.

    House Bought July 2020 - 19 years 0 months remaining on term
    Next Step: Bathroom renovation booked for January 2021
    Goal: Keep the bigger picture in mind...
  • caldi9
    caldi9 Posts: 210 Forumite
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    Harm? I sold stocks (value of portfolio down) and they did not adjust the cash balance (no cash in). In other words, 30k are missing.
  • masonic
    masonic Posts: 23,236 Forumite
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    It won't be necessary to get a lawyer involved at this stage. Why not contact them and point out the error? They will probably sort it out pretty quickly.
  • caldi9
    caldi9 Posts: 210 Forumite
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    It happened 3 months ago and I only found out now. I think it is unacceptable and I will certainly notify the FCA. Not booking 3 items totalling a material amount is not an error. This should not happen at all and I should not be the one finding it out myself. It is one of the larger providers and I would like to know how many people get cheated like this. I received the booking executions, but just not the cash. It is fraud, nothing else.
  • masonic
    masonic Posts: 23,236 Forumite
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    caldi9 wrote: »
    Not booking 3 items totalling a material amount is not an error. This should not happen at all and I should not be the one finding it out myself. It is one of the larger providers and I would like to know how many people get cheated like this. I received the booking executions, but just not the cash. It is fraud, nothing else.
    You are stating that it is fraud. Do you have evidence of this?

    Which platform is it? If your allegation is factually correct, you need not fear being pursued for libel.
  • caldi9
    caldi9 Posts: 210 Forumite
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    Very simple: you sell shares and do not get the money for that. And that happened in several instances. I am not stuck on legal terms here, but it is illegal under the eyes of the FCA and at the expense of the consumer. Call it fraud or call it betraying customers for hard cash.

    I would not post here on a Saturday evening, if I had not found out 30k are missing in my account.
  • mije1983
    mije1983 Posts: 3,665 Forumite
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    caldi9 wrote: »
    It is fraud, nothing else.


    Yes, because humans are perfect and never make mistakes so fraud is the only explanation :D
  • caldi9
    caldi9 Posts: 210 Forumite
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    I was actually asking, if anyone has come across a similar instance and what a recommendation would be in terms of compensation.
  • caldi9
    caldi9 Posts: 210 Forumite
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    mije1983 wrote: »
    Yes, because humans are perfect and never make mistakes so fraud is the only explanation :D

    Did you do it 3 times? Was the change 30k? Were you regulated by the FCA? What a silly response.
  • NewShadow
    NewShadow Posts: 6,858 Forumite
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    caldi9 wrote: »
    Harm? I sold stocks (value of portfolio down) and they did not adjust the cash balance (no cash in). In other words, 30k are missing.

    So, at the moment, £30k is not showing in your account as cash.

    What were you expecting to happen to the cash - were you leaving it to sit as cash in the portfolio, or were you expecting it to be paid out/reinvested?

    Are you sure this isn't just an error with the record you are looking at and that the cash is actually missing?
    That sounds like a classic case of premature extrapolation.

    House Bought July 2020 - 19 years 0 months remaining on term
    Next Step: Bathroom renovation booked for January 2021
    Goal: Keep the bigger picture in mind...
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