In short
- Always complain to the broker first, in writing, and keep a copy.
- The firm has up to 8 weeks to send a final response.
- If you're unhappy, refer it to the Financial Ombudsman Service — free, within 6 months of the final response.
- If the firm has failed, the FSCS may compensate eligible clients up to £85,000.
Common reasons traders complain
- Withdrawals delayed or refused
- Orders filled at prices that seem wrong (slippage, requotes, price spikes)
- Positions closed unexpectedly on a margin call
- Charges you didn't expect — overnight financing, inactivity or conversion fees
- Platform outages during volatile markets
- Being sold an unsuitable product or professional-client status without proper checks
Step 1: Gather your evidence
Before you write, collect everything that shows what happened:
- Your account statement and trade history, with ticket numbers
- Screenshots of the platform, charts and any error messages, with times
- Emails, chat transcripts and call times with the broker
- Deposit and withdrawal confirmations
- The relevant sections of the client agreement and order execution policy
Step 2: Complain to the broker
Every FCA-authorised firm must have a published complaints procedure. Send your complaint in writing (email is fine) and include:
- Your name, account number and contact details
- A clear, dated summary of what happened
- What you think went wrong and why
- What you want the firm to do — for example, correct the trade, refund a charge or process a withdrawal
- Copies of your evidence
Step 3: Wait for the final response
The firm should acknowledge your complaint promptly and has up to eight weeks to send a final response. Many are resolved much faster. The final response must explain the decision and tell you about your right to go to the Financial Ombudsman Service.
Step 4: Go to the Financial Ombudsman Service
If you disagree with the firm's final response, or eight weeks pass without one, you can refer your complaint to the Financial Ombudsman Service. Key points:
- It's free for consumers.
- You usually have six months from the date of the firm's final response.
- The ombudsman looks at what's fair and reasonable, taking into account the rules and good industry practice.
- If it rules in your favour and you accept the decision, it's binding on the firm, up to an annual compensation limit.
If the broker has failed: the FSCS
If an FCA-authorised broker goes out of business and can't return client money, the Financial Services Compensation Scheme may step in. Eligible claims are covered up to £85,000 per person per firm. In practice, segregated client money is usually returned through the firm's administration first, with the FSCS covering any shortfall for eligible clients.
What doesn't count as a valid complaint
Losses from normal market movements, or from trades you placed yourself, aren't grounds for compensation on their own. The ombudsman will look at whether the firm followed its own policies and the rules — not whether the trade was profitable.
Frequently asked questions
How long does a broker have to respond to a complaint?
FCA-authorised firms generally have up to eight weeks to send you a final response. If they don't, or you're unhappy with the answer, you can take the complaint to the Financial Ombudsman Service.
Does the Financial Ombudsman charge consumers?
No. The Financial Ombudsman Service is free for consumers.
Can I complain to the ombudsman about an offshore broker?
Generally not. The Financial Ombudsman Service covers firms authorised in the UK. If your account is with an offshore entity, you'll have to rely on that jurisdiction's complaints process, if one exists.
What if the broker has gone bust?
If an FCA-authorised firm fails and can't return client money, eligible clients can claim from the Financial Services Compensation Scheme (FSCS), up to £85,000 per person per firm.
CFDs and spread bets are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading these products. You should consider whether you understand how they work and whether you can afford to take the high risk of losing your money.