Complaints procedure...



  • Anyone been through it regarding their ineptitude releasing order books?

    I've been going through it for the last week or so, escalate to stage two today, probably going nowhere, FI keep copy and pasting the same bullshit about inherent value being the same etc etc, not taking any accountability, but i'm wondering what the external bodies will say at stage 3... If we have any case here about their piss poor performance.



  • @NewUser395079 I wish you luck



  • @NewUser395079 I think most will agree that there are underlying issues with the pricing mechanism, and the impact its had on our portfolios.

    Although, I also tend to agree and support the idea that the inherent value remains the same.

    I haven't gone through the complaints process so can't really comment on that, but yes, the pricing mechanism needs addressing.



  • @Metropolis That's the whole point though. The inherent value that they talk about, when I and most of us made the bet, is now completely destroyed. The whole way that the bet was valued has been changed by them, and as we are seeing, the value of our bet is now significantly lower than when we agreed it.

    How can that be right. I think there's at least a discussion to be had with external regulators.



  • @NewUser395079

    Is that true? They have increased divs. Capital growth is down to sentiment. The only thing I can really blame them fir is removing IS.

    There will be a bottom to all this, big fish will come in and benefit



  • @Archer22 I think it's true. This isn't all down to sentiment. The very fact that they have changed the bet to remove the ability to sell back has lowered the values of our holds. As shown by the prices now.

    I just think a performance as bad as FI have produced here, shouldn't be completely shouldered by the customers. They're absolutely raking it in right now, due to how badly they have performed.

    They release the new system, then immediately have to change it the same day due to "customer feedback"
    Is that a company that should take absolutely no responsibility for it's market collapsing?



  • @NewUser395079 said in Complaints procedure...:

    @Metropolis That's the whole point though. The inherent value that they talk about, when I and most of us made the bet, is now completely destroyed. The whole way that the bet was valued has been changed by them, and as we are seeing, the value of our bet is now significantly lower than when we agreed it.

    How can that be right. I think there's at least a discussion to be had with external regulators.

    Football Index has always been a platform where you make a bet and can trade it on to other users. FI provided a cash-out where they would buy it back but it wasn't guaranteed. IS would be removed if something serious took place. If a player retired or similar the IS would be rightly dropped to 1p.

    All that has changed is they have removed the cash-out. The actual bet is the same just one possible person who would buy the bet off you has left the building. They have recently doubled dividends so in essence have doubled the value of the bet.

    I doubt you would get anywhere with regulators and you shouldn't.

    FI have made a complete mess of OBs and have misunderstood the market and been over confident due to the constant growth since inception. Ultimately their problems have been due to incompetence with the interface. Their actions re the actual bet (basically doubling the odds) seem incredibly generous on the face of it.



  • @SDOAFIT said in Complaints procedure...:

    When you stand back and look at what happened.... the company sold us bets based on one set of circumstances, then changed those circumstances entirely and made fortunes at our loss. I'd say just about any court would frown on that but the court case wouldn't be as impactful as the negative media.

    Can you imagine what happens to FI, if when you Google it, there are headlines that read "Football Index Scammed Everyone" in reputable media outlets? Then you twitter search and find all the pictures of accounts that tanked, with stories like "I won thousands from FI but they changed the rules and took it all back".

    FI, are just lucky nobody has started reporting on it yet but official complaints start making stories juicier.

    Here's hoping FI, pull a rabbit of their hat soon, before user take this further.



  • @Dan-The-Man
    Hi Dan,

    I am afraid but it has already started on twitter there was a number of users looking to take them to court I would attach the screenshot but I don't know how to ,
    I was hoping that after the latest adjustment it would reach some sort of stability I am not even talking about rises but just a stable market where you can trade , but they failed yet again ....
    No doom or negative post here just an observation



  • @R9inter could you link some of this please?



  • @Dan-The-Man well I'm dead serious about the complaint. I'll take is as far as I possibly can.

    I just have to hear their stage 2 final judgement, them I'm able to go external.

    Thing is, I'm not entirely sure what I'm asking for... Originally I was asking for deposits back, but this is entirely unrealistic.

    I need an end result... But not sure what that is.



  • @NewUser395079 I will give it a try



  • @NewUser395079 this is one I found quickly but I have seen loads more ,I am at work now so can't look for all of them https://twitter.com/FIInkersole/status/1329875541369950210?s=19



  • @NewUser395079
    Not sure the basis for a complaint to be honest. People keep saying that FI have ‘changed the goalposts’ but that’s not true. When they offered instant sell, in the T&C it stated something along the lines of they can remove this at any time.



  • Another possible route is to fail the due diligence check ? Don't they say that if you fail they return your net deposit and close your account ?



  • @NewUser395079

    Keep us posted. As you say they won't accept liability for it because they open themselves up for a bombardment for the same complaints.

    I appreciate they have modified the platform by making changes along the journey but this latest change to the platform has completely ruined the experience for me.



  • It's also worth noting there's a fine line between having a reason to complain and destroying the product entirely.

    If 25% of folk on the Index were to start banging on the door demanding compensation and the business was to refund them the initial deposits. It would go from a struggling market to a dead market and wouldn't be fair to the other 75% who tried to play the game.



  • @R9inter No, They generally just put people players up for sale, or instant sell them



  • @NewUser395079 fair , there is some weird shit going on with Newmarket IS price bids are lower than the floor most of the time and I doubt that they are old bids as the floor never went below 3.95 and yet just now was a bid for 3.88



  • It's disgusting that they've got peoples money locked in and just keep trying different things with no care about addressing certain issues.


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