Australian (ASX) Stock Market Forum

Shares sold early? Broker error!

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peter2 said:
If the broker has acknowledged the error then they'll resolve it. You can only hope for a fair settlement. Overall, brokers don't make many errors but their clients do.

Some online orders trigger a market order and this can result in huge slippage especially on a day like today (strong selloff). I assume this didn't happen in your case.
Click to expand...
I'll be getting something from them for this.. Not happy at all.
 
Just an update, I had some success. The broker offered to pay back everything I lost and they even gave me a few months of premium platform access. So happy with that. They must have discovered that they did in fact have a glitch.
I won't mention the broker publicly. They did the right thing and hopefully the problem is corrected going forward.
 
larrylocal said:
Just an update, I had some success. The broker offered to pay back everything I lost and they even gave me a few months of premium platform access. So happy with that. They must have discovered that they did in fact have a glitch.
I won't mention the broker publicly. They did the right thing and hopefully the problem is corrected going forward.
Click to expand...
I would consider the "few months premium platform access" merely an enticement to try to get more money out of you the customer.
Try before you buy.
Not really a "compensation" style of action.

Sure, writing the wrong is the minimum expected outcome, however, did they at least make that trade free/refunded?
No offer of 5 free trades?

And on top of it all, you haven't named the broker.
If there's a systemic problem where customers are getting dudded, naming the problem broker is imperative to highlight the systemic issue, for the betterment of the broker and their clients.
 
frugal.rock said:
I would consider the "few months premium platform access" merely an enticement to try to get more money out of you the customer.
Try before you buy.
Not really a "compensation" style of action.

Sure, writing the wrong is the minimum expected outcome, however, did they at least make that trade free/refunded?
No offer of 5 free trades?

And on top of it all, you haven't named the broker.
If there's a systemic problem where customers are getting dudded, naming the problem broker is imperative to highlight the systemic issue, for the betterment of the broker and their clients.
Click to expand...
larrylocal said:
Just an update, I had some success. The broker offered to pay back everything I lost and they even gave me a few months of premium platform access. So happy with that. They must have discovered that they did in fact have a glitch.
I won't mention the broker publicly. They did the right thing and hopefully the problem is corrected going forward.
Click to expand...
I don't agree @frugal.rock , not that @larrylocal in a perfect world could not get more out of the broker. However in attempting to do so he would be coming up against heavy opposition. The broker's insurance would be in on the act by now and probably getting a barrister to have a look at the details of the transaction, the small print in the broker's terms of trading and other small but legally significant matters on which to defend themselves. This would be wearing financially and emotionally for any client up against the power of established professional entities.

It seems to me like a good outcome for @larrylocal

gg
 
frugal.rock said:
I would consider the "few months premium platform access" merely an enticement to try to get more money out of you the customer.
Try before you buy.
Not really a "compensation" style of action.

Sure, writing the wrong is the minimum expected outcome, however, did they at least make that trade free/refunded?
No offer of 5 free trades?

And on top of it all, you haven't named the broker.
If there's a systemic problem where customers are getting dudded, naming the problem broker is imperative to highlight the systemic issue, for the betterment of the broker and their clients.
Click to expand...

They paid back what I would have made, given my upper limit sell order, as if I had made money up until that point. That was good and I didn't have to twist their arm. it wasn't peanuts either. Yes, three months premium access is an enticement but it makes no difference to me. They did what I asked them to do and it was fair. Something went wrong at the office and they took responsibility for it. I'm not into bashing a business that has been excellent for me unless it's a repeat issue that they won't take responsibility for. This thread alone is evidence that this doesn't happen very often. It was a first for me too. It came back to something going wrong at their support network. Could have been front running for larger clients too (an they took my position) but that would be impossible to prove.
 
Garpal Gumnut said:
I don't agree @frugal.rock , not that @larrylocal in a perfect world could not get more out of the broker. However in attempting to do so he would be coming up against heavy opposition. The broker's insurance would be in on the act by now and probably getting a barrister to have a look at the details of the transaction, the small print in the broker's terms of trading and other small but legally significant matters on which to defend themselves. This would be wearing financially and emotionally for any client up against the power of established professional entities.

It seems to me like a good outcome for @larrylocal

gg
Click to expand...
And indeed it was a good outcome for me.. I'm happy!
 

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