"Traders will need to accept new Game Rules" - OR WHAT?

  • In tonights update, FI point out that tomorrow, Traders will need to accept new Game Rules.

    Or what?

    What if we don't want to accept them? What if we don't agree? What happens?

    Do we get our money back?

    Serious question...

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  • @Dan-The-Man I'm not on twitter otherwise I'd ask their cs

  • @Ddr

    I did.

    The guy (Andrew) was very helpful.

    "If you don't accept the game rules your account will be closed. Any balance will be returned to your account.
    Your portfolio will be put up for sale under the following guidelines.

    place any Shares you hold for Instant Sell or offer them in the Order Book (at current ‘Buy Price’ )
    (A) on a monthly basis until the later of: (a) when all your Shares have been sold; or (b) the end of a period of 12 months from the date of termination (after which any unsold Shares will expire); provided that
    (B) if the amount owed to you in any given month is less than £10, the amount owed to you will be rolled over into subsequent months until: (a) the amount owed to you exceeds £10; (b) all your Shares have been sold, in which case we will pay to you all remaining funds in your Account; or (c) the 12 months have expired; in each case subject to any deductions we are entitled to make in accordance with the Terms of Service, including in respect of bonuses we are entitled to reclaim and our standard 2% Commission fee on each sale of a Share;"

  • I’m very confident this is a valid legal case.

    According to UK gambling legislation, the terms of a bet can’t be changed for the duration on the bet, once both parties have agreed to the terms of the bet (at time of placing). A bet that is placed and accepted signifies an agreement by both parties to the terms of the bet.

  • I had to accept the new terms this morning when logging in.

    If you don't I would imagine your portfolio would be sold and funds returned. I seen FI do this before to a lad who was having a nervous breakdown after brown sunday and causing all sorts of problems.

  • @Dan-The-Man interesting. Presumably you still accrue dividends during that period?

  • @Dan-The-Man interesting that they say shares would expire 12 months after termination, this could mean you literally lose everything if your shares dont sell in that period

  • @Ddr

    Yeah, it's basically... you have to accept or we're gonna do you in.

    Imagine if they just listed your port up at IS, in the todays market.

  • It's crazy FI classes itself as a gambling platform yet happily changes the rules when it wants.

  • I can't see that FI have broken any laws, I'd argue that this from the gambling commission;

    'When you place a bet with a licensed gambling business, you enter into a legally enforceable contract with that business.

    The gambling business must make the terms and conditions of the bet available to you. You should make sure that you are familiar with the terms and conditions and that you understand what they might mean, especially in the event of any changed circumstances around the bet, before you decide whether to place the bet'

    So basically you need to be aware of the terms and conditions before placing a bet! This is covered clearly in FIs terms and conditions as they state they may make changes?

    'More generally, we periodically update the Game Rules from time to time, which may have a material impact on your open Bets, and may change how you place or 'cash out' of Bets and/or otherwise use the Service'

    Just a thought?

  • This post is deleted!

  • @Marksandygill

    People can put what they want in T's & C's, it doesn't make them enforceable by law. For example, if they put in there that they can kill your mum, it doesn't mean they actually can kill your mum.

  • @Dan-The-Man you're quite right, it was just a thought, do you have a link to the gambling commission website showing that what they've said in their terms and conditions is illegal?

  • @Marksandygill I also looked at this a few days ago as this was something that crossed my mind. I also after reading it, wondered whether they added that to the t&cs at some point recently, knowing someone might bring it up.

    Be very interesting to see how this plays out

  • @Terrier I did wonder that, or if they've moved it from the main text to make it more prominent, who knows!

  • Lawsuit we all get our money back ,I am joking obviously before someone gets offended

  • Anyone actually officially tried complain to FI? Because it wouldn’t surprise me if they didn’t have a Alternative Dispute Company acting with them

  • i reluctantly, begrudgingly and forcingly accept it but did think yesterday they have my balls in their hands when i clicked on YES!

    i'm not putting any more money in until i'm confident with the product though so it's up to FI to make people money otherwise reviews will simply get worse and funding will also dry up!!!

    I had to take my 5 star review off trustpilot the other day, not because i've not been very happy with my returns but because the goalposts have shifted so much, the original bets i have don't seem any longer valid, and I wouldn't want anyone else to experience that on my say so!!!

  • @dannypea seeing more and more users feeling like this, myself included. I've totally lost faith with the people running the company to the point I won't be investing another penny and will be patiently looking for exit points, at least till I have my deposit back.

    Its a shame because i think everyone can agree it used to be an amazing product, the old days are long gone but so are many of the traders who invested in FI's infancy. Even if the yields are amazing, there must be a limited number of people willing to back a fairly small, niche gambling company. Shafting your loyal, vocal customers isnt a great way to pick up new ones.

  • @Dan-The-Man

    What happened? Did you get your stolen money back?

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