Robert Day -v- Forex Capital Markets Limited [2023]

Whether a provider of CFD trading in oil futures was liable to a consumer for losses of almost £2m due to alleged breach of contract and a breach of statutory duty, specifically its terms of business and the FCA COBS rules. The Claimant alleged that the Defendant had failed properly to carry out the required appropriateness assessment under the COBS rules, failed to provide confirmation of essential information relating to his trades in a durable medium, misled the Claimant by advertising the wrong expiry date for the futures or failed to honour a contract based on those expiry dates, and failed to give prior notice that its system would not allow negative pricing of the underlying product and would close open contracts if the price reached zero.