Where do i stand if a broker sold shares i did not own.
I sold out of my shares completely yet they sold an additional X amount.
I have since then traded again using the proceeds. The broker is now claiming a 4 figure sum on the large side.
I have now disovered that the broker may have been deducting 2-3% of shares that i have sold since without my permission or knowledge.
Can the broker sell my remaining shares without my permission to recoup their loss?
I have read through their T&C's and there is nothing specifically referring to these circumstances.
This is clearly negligence on their side and they should suffer the loss?
or
Is this similiar to the banks, whereby if they discover they have undercharged you they can claim back the outstanding money?
To be honest i have little faith with this broker. There are have been numerous errors over the past while.
I spoke to the financial regulator today who advised me to submit a formal complaint.
I have read/heard of similiar mistakes by this broker but im not aware of how the problem was resolved.
my concern is that the broker will simply sell my current shares which are worth considerably less or lay claim to a a sum of money sitting in my cash account.
Very unprofessional. You definitely need to know the law about this one and speak up cos if they have made lots of mistakes, you'd be doing everyone justice by getting them removed. Including the broker - sounds like they may need to tap into their other 'gifts' for employment!
If they sold your shares the only reason i can think of is that you a) owe them money and/ or b) you failed to send them the share cert(s) on time, if your shares are not held in crest etc.