Why have I received an email from Spreadex advising that an account has been set up?
As part of the special administrator’s ongoing efforts to return money to creditors, MF Global’s spread betting customer list has been sold to Spreadex Limited (“Spreadex”). As well as enabling the special administrators to realise funds to pass to creditors, the sale will provide MF Global’s spread betting customers with an opportunity to trade on an alternative platform. Please note the customer list may also include details of customers with accounts that may have been closed before the date of administration.
Why have my personal details been sold without my permission?
Such a transfer is permitted under paragraph 27 (“Your Personal Information”) of MF Global’s retail terms of business (to which all spread betting customers agreed prior to opening their accounts). Paragraph 27 states as follows:
(a) We will treat all of your information as confidential, but may disclose it:
• as required by Applicable Regulations; and
• as necessary in the provision of services pursuant to these Terms; and
• as necessary to protect our interests.
(b) Any such information may be:
• held and/or processed by our Affiliates or agents; and/or
• transferred to any country, including outside the European Union, which may or may not have data protection laws; and/or
• used to enable us to give you information about products and services offered by us or our Affiliates or selected third parties which we believe may be of interest to you. If you do not wish to receive marketing information, please contact us in writing.
Does the sale of this data breach the Data Protection Act?
In the light of this provision mentioned above in MF Global’s retail terms of business, the special administrators have been advised that the transfer of the customer list to Spreadex neither breaches any applicable data protection legislation nor does it otherwise treat the customer in an unfair manner. Moreover, the details were transferred to Spreadex on the strict condition that Spreadex continues to treat the data in accordance with data protection legislation.
Does this affect my claim with MFG?
No. Spreadex have only bought the client list. You will still have a claim against MF Global UK Limited for any amounts outstanding, and you should submit a claim form as soon as possible, if you have not already done so. Further information with regards to submitting a claim can be found here:
I don’t want an account with Spreadex, what do I need to do?
Any customer who does not wish to deal with Spreadex is not obliged to do so and can ask Spreadex to close their account immediately.
You can send an email to email@example.com in order to close your account. Alternatively you can call them on 01727 895 000 if you have any further queries with regards to your new account with them.