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  • 14-07-2007 4:09pm
    #1
    Bungle100
    Closed Accounts Posts: 1 ✭


    I recently invested what I would consider to be a lot of money with a well-known Dublin Stockbroker into a CFD account -obviously with the hope of benefiting from gains. They did the pitch on me - all the years of investing experience, analysis that they had etc and I went with all the advice they gave me over the past number of months. I fully understand that the value of shares may go down as well as up etc... but almost every single recommendation they have made has turned out to be disasterous and has cost me a fortune! They've only been right 10% of the time and badly wrong in 90% of their recommendations. My feeling is that they misrepresented their expertise to me.

    I know that it's been a rough few months on the stock market but do I have any recourse?


Comments

  • #2
    Sonnenblumen
    Registered Users, Registered Users 2 Posts: 5,834 ✭✭✭Sonnenblumen


    Bungle100 wrote:
    I recently invested what I would consider to be a lot of money with a well-known Dublin Stockbroker into a CFD account -obviously with the hope of benefiting from gains. They did the pitch on me - all the years of investing experience, analysis that they had etc and I went with all the advice they gave me over the past number of months. I fully understand that the value of shares may go down as well as up etc... but almost every single recommendation they have made has turned out to be disasterous and has cost me a fortune! They've only been right 10% of the time and badly wrong in 90% of their recommendations. My feeling is that they misrepresented their expertise to me.

    I know that it's been a rough few months on the stock market but do I have any recourse?

    More like you made a bad call albeit coinciding with a bad period in the ISEQ. IMO CFD is like gambling, and gambling is bad business!


  • #3
    Time Magazine
    Registered Users, Registered Users 2 Posts: 8,452 ✭✭✭Time Magazine


    Bungle100 wrote:
    I know that it's been a rough few months on the stock market but do I have any recourse?
    I hate being pedantic on this but please be aware that you cannot seek or be given either financial or legal advice on this site. We can of course suggest what we ourselves would do, though.

    It sounds like you just got a bad break and unless there's negligence/fraud involved, I don't think you have any standing other than pulling out/talking to them.


  • #4
    A Random Walk
    Closed Accounts Posts: 346 ✭✭A Random Walk


    I agree with Sonnenblumen that your investment coincided with a terrible time for the Irish market, plus CFDs are a sophisticated instrument with potential for large losses or gains.

    If you have a complaint with any financial institution, I would first take it up with the financial inst. themselves, and if not satisfied would contact the Financial Ombudsman.


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