Can't get ££££ Back from broker.

[sageandrage]

After some legal advice.

Signed up to a financial broker in the summer to trade some forex.

Deposited a hefty lump sum using a card I've now lost and replaced (same bank and also debit card).

Now decided the forex market isn't for me and am trying to withdraw my funds.

Broker refusing point blank unless I have a letter of confirmation off my bank to say my old card is no longer in use.

Bank refusing to do this, says it's against their policy.

Sent broker my bank statements with the initial deposit on as well as the transaction showing the old card last 4 digits. Statement has my sort and account number on. Have asked them to withdraw the funds into same bank. Also sent proof of ID and address. Explained to broker bank will not issue the letter they want.

They are refusing to cooperate any further.

It's been going back and forth for 4 weeks and still won't give me my money back. It's close to £10K and I'm at a loss what to do.

I would open a CCJ, however the broker has bases all over the world and I can't find an address for them in the UK. I think they're in Dublin. I'm in Wales, will this affect the claim?

I searched and searched for advice online and citizens advice but thought I'd try here before I go to them.

TIA

The broker's concern is that buying something on one credit/debit card and refunding to a different one is a technique used for money laundering.

Check with your bank but if the broker returns the money using the original debit card details it should still get transferred to your bank account.

If your old debit card was linked to your current active bank account it will still be transferred regardless of whether old debit card is valid or not.

It is, as stated above, due to money laundering laws. The broker cannot send refund money to any other account without a letter from your bank confirming the original bank account, not the debit card, is now closed. The broker is not doing anything wrong.

The broker's concern is that buying something on one credit/debit card and refunding to a different one is a technique used for money laundering.

I'm not asking for a refund to another card, I'll accept a bank transfer to the account the card is linked to (which I have proof of and proof of the transaction of the money leaving originally)

The bank are refusing to give me any confirmation of cards.

I've sent the broker statements with my bank details on and with the original transaction on which also confirms the original card details.

They've also tried to refund into original card but it hasn't gone back into the bank.

I'll accept a bank transfer to the account the card is linked to

That is still refunding by a different method, which is the money laundering technique. I appreciate that you aren't money laundering but the broker is being cautious.

Have you tried talking to your bank about the broker using the original card?

Is the broker authorised by the FCA as they’d need to be if they’re dealing with UK customers. If so, follow the complaints process by complaining to the firm then to the Financial Ombudsman if you can’t resolve it.