An unregulated clients account without a compensation scheme is about as much real protection as a chocolate tea pot.
It is only the integrity of the individual Yacht Broker that prevents him from freely borrowing money from the so called clients account.
I hope anyone reading this thread has now deduced that the integrity of some Yacht Brokers is not all it should be.
If there was compulsory regulation including legislation surrounding clients accounts then the Yacht Broker would be breaking the law if he borrowed from it, a temporary loan would in effect become theft, of course that still wouldnt be a great deal of use if there wasnt a compensation scheme in place.
In the mean time if the Yacht Brokers associations held the client money it would be out of temptation from the Yacht Brokers/employees/administrators (whom have a duty to look for errors in the trust and split it between other creditors).
Results 181 to 190 of 219
25-04-12, 15:43 #181.
25-04-12, 15:55 #182Registered User
- Join Date
- Nov 2007
YOU HAVE PRODUCED NO EVIDENCE THAT BROKERS "BORROW" MONEY FROM CLIENT ACCOUNTS.
Apologies for the use of capitals, but maybe if the letters were bigger you might get the message and re-assess your position.
If what you suggest is true - that is brokers regularly mishandle clients money (even wider than stealing) I and I am sure many others would agree "something must be done". However, they don't, and the possibility that they could that has come out of the Peters case (years ago!) has resulted in everybody being aware of how clients accounts should operate to avoid what you say might happen (but does not).
In other words you are suggesting a "solution" to a problem that does not exist.
25-04-12, 16:04 #183Ari
If a man speaks in a forest, and there is no woman to hear him, is he still wrong..?
25-04-12, 16:39 #184
How much more proof do you want.
Alright it might have happened a long time ago but I had to wait for the court case to complete and check an appeal wasnt started before I could submit the proof you have demanded from me.
I can not state other cases YET until they have settled ( you know the mods will delete the thread if I do)
25-04-12, 16:45 #185John Rodriguez Yachts. Cruising & Bluewater Yachts www.jryachts.com
25-04-12, 16:54 #186
I feel my posts are being questioned in accuracy which just forces more dirt into the open.
I accept that placing money in trust with a reputable Broker isnt high risk.
The risk is both small and avoidable.
Now its up to Tranona if he feels the statement is fair and reasonable but I expect round MCIIXii but we will see.
Last edited by DAKA; 25-04-12 at 16:57..
25-04-12, 17:05 #187John Rodriguez Yachts. Cruising & Bluewater Yachts www.jryachts.com
25-04-12, 17:44 #188
25-04-12, 17:48 #189
Without getting into too much detail, i've often felt there is a need for some regulation. Very basically, i think it should be a requirement to do all of the good and decent things that good and decent brokers like Jonic do voluntarily.
But, i don't see where that has anything to do with VAT fraud, osmosis or flashers.
Bashing brokers in general and calling for regulation on issues that are already regulated well enough (all of the cases Daka quotes were dealt with bye the courts) just detracts from any sensible debate on what might need some regulation.
25-04-12, 17:57 #190