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National Futures and Commodities Exchange Conducts Series of Seminars on Scams; Protection Against Misleading Marketing

National Futures and Commodities Exchange Consumer Information Department (CID) recently concluded a series of in-house symposiums and webinars to educate clients on misleading marketing practices related to account transfers with an adverse option feature.

London, United Kingdom, April 18, 2013 --( According to National Futures and Commodities Exchange Consumer statistics, 30% of National Futures and Commodities Exchange’s clients have been misled into transferring their accounts to other companies promising top-ups and discounts to accumulated account transfers.

As clients fill out account transfer forms, they fail to notice pre-ticked consent boxes, undisclosed account conditions, unexplained cancellations or returns conditions, and added services which have not been detailed out.

"We want to educate our clients on how they can protect themselves against these misleading 'catch-on' advertisements enticing clients to transfer accounts allegedly at no-cost on their part. What they don’t know is that there are costs that haven’t been detailed out which directly or indirectly affect their account,” explains Susan McBride, Liaison Officer III of the CID.

National Futures and Commodities Exchange has customer retention strategies in place. Part of this is keeping a close track on the number of accounts retained, maintained, and closed. Although last year’s figures are within below minimal and do not have any cause for alarm, the CID found it timely to educate its clients on the increasing misleading marketing strategies implemented by competitor companies. “Although at this point, there is no cause for alarm, we would want to maintain a pro-active stance on this while our feet are on steady ground,” Mr. Peter Henson, CID Head expressed. “The use of misleading marketing strategies by competitors is becoming more and more aggressive. We would want to protect our clients from the inconvenience and most especially be aware of the big losses should they fall victim to these enticements,” Mr. Henson further adds.

It is anticipated that the series of recently concluded seminars will be an eye opener to clients who can be blinded by promises of better account profits at a specified period.
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National Futures and Commodities Exchange
Aaron Ward

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