Natwest and forex broker wire scheme (legal scam?)

[jgombos]

A FX broker (CMC Markets) claimed that they do not charge any fees for wire transfers, and that if there is any fee, it would be with my bank. My bank charges nothing for European wires. So I signed up, and sent money.

Not all the money made it to the forex account.

It turns out that the forex broker partnered with Natwest in an arrangement where Natwest would simply grab money as it passes through their bank. This way CMC Markets doesn't have to pay the bank, and the bank can simply grab some undisclosed amount of money without the knowledge or consent of the client. Some FX brokers even have the guts to claim point blank that their bank doesn't charge any fees either, which I find hard to accept.

Presumably, this is a legal scam, because most forex brokers will claim there are no transfer fees, and many of them will only admit it if you specifically ask what bank they use, and what their bank charges.

Anyway, CMC Markets has my money, and now that they have my money, they've admitted that every wire (inbound and outbound) costs around 14 GBP. CMC Markets is only willing to refund the money remaining, not what I sent, and the refund itself will cost me.

Do I have any recourse?

It seems like such a widespread practice, there must be some case law in the UK on this.

I received a email stateing I won uk lotto, $500,000.00 to be exact...now sending me emails stating I have to pay $500.00 fee to get my money>>>I get alot of these..tj

it is a very common scam

yeh, It is sad these people play with feelings..At first I really thought i had won$5,500,000. in the uk lottery..i play all the time...I never heard of anyone having to pay anything to get thier winnings>>>