I saw the shares were suspended on Friday I think it was and quickly checked there was no relation to SportsSpread (where I have a small balance) but there is not.
It looks like they were gambling with client funds / leaving trades unhedged and it went against them so they now owe clients more than they actually have. Which happened with SportingOptions once upon a time too. It is another example that it does not matter who you are regulated by (does it get any tougher than the FSA?) if a company is going to go bust it is going to go bust.
Depending on individual circumstances customers may have access to the Financial Services Compensation Scheme (FSCS) should there be any losses. Customers should contact the special administrators to understand more about implications for them personally.
I have a significant 3 figure sum in there (through Ladbrokes), if anyone wants to pm me if in a similar position. I have just spent almost 45 mins trying to get through to the administrator who have logged my details.
I've just had an email from VC, and although I don't want to just post the whole very long statement (or should I, mods?) there is this bit of news;
We wish to make you aware that if the FSCS limits do not cover the realised cash value of your account, Victor Chandler Financials will enter separate discussion with you in relation to making good*any shortfalls but please bear with us as it is difficult at this time to understand the next steps that the administrators will take.
anyone who wants me to forward the whole document - please PM
Last edited by CountryLad; 19/03/2012 at 19:02.
Reason: corected - I'd initially misread the quote
They were the white label provider for Victor Chandler Spreads though, and I did have a large balance there once upon a time. The VC line is a mixture of "its nothing to do with us" or at least "its not our fault" coupled with the FSA will cover you up to £50k anyway.