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Spreadex Ltd Formal Complaint
I had an interesting phone call late yesterday afternoon from the FCA.
I spoke for about 15 minutes with the person that was dealing with my “complaint”.
At present there is no way of knowing what sanctions (if any) will be taken against Spreadex Ltd.
After my phone call with the FCA yesterday I took note of what was said and what options were available to me, and I decided to make a formal complaint directly to Spreadex Ltd.
I have complained about the late TR1 when they crossed a percentage threshold on the 19th of May 2021 and only informed us on the 28th of May 2021 and I also complained about the recent TR1 when they crossed a percentage threshold on the 23rd of July 2021 and only informed us one week later.
RKB
PS If you come across a late TR1 in a share that you are invested in can you please let me know? I am on twitter same handle.
PPS IphoneiTrade how wrong you are. If you ever have the pleasure of talking to FG, he will confirm many things. One day you will wake up and smell the coffee (with a drop of CBD)
Thanks, on behalf of those who care.
meanwhile, BOUNCE !!™
Update
Spreadex Ltd are in my opinion lacking in their compliance department.
They think that I must have an account with them to make a formal complaint and as I do not have an account, they are trying to dismiss my complaint.
Spreadex Ltd have failed to understand that they must adhere to the FCA’s Handbook and inform the Market within the guidelines when they cross a percentage threshold.
I have emailed Spreadex Ltd, attempting to enlighten them but I have also copied the FCA Consumer Contact Centre so that the FCA are aware that in my opinion the Compliance Department at Spreadex Ltd need some “guidance”.
Our Share Registers Ltd receive a list of all our shareholders. They will be aware of the major shareholders. It is not their responsibility to contact a shareholder if they cross a percentage shareholding, the onus is on the shareholder. Hopefully our Share Registers Ltd are keeping an eye on our major shareholders and discreetly let them know if they have been lackadaisical in informing the Market.
RKB
Further Update
I had another email from Spreadex Ltd this morning and again they are asking me for my account number with them and my email address associated with “my account”.
I have said to them that to resolve my complaint all they have to do is to confirm to me that they will adhere to the FCA’s Handbook Rules.
I have provided them with my mobile number and have said that if they cannot adhere to the FCA’s Handbook Rules then I will complain (again) to the FCA.
RKB
Making Progress
I received a further email from Spreadex Ltd and for the third time they asked for my account details and said they would call me to so that they could “progress matters”
I then received a phone call a few minutes later.
I believe I am making progress with my complaint as Spreadex Ltd are now aware that in my opinion they are not adhering to the FCA’s Handbook.
I have also advised Spreadex Ltd that I was advised by the FCA that I had the option to complain directly to them. (I only complained after they breached the rules a second time, most recently on the 23rd of July 2021 and only advised us on the 30th of July 2021)
I said to my contact that my complaint can be concluded fully to my satisfaction if they will agree to adhering to the FCA’s Handbook.
If any Posters are aware of any other shares where a TR1 Holder has not adhered to the TR1 Rules, can they please let me know?
RKB
PS I emphasised strongly to Spreadex Ltd that I will contact the FCA again if I discover that they have crossed a percentage threshold recently and not advised the Market.
RKB,
Thank you for updates. Keep up the good work.
BB2.
prat