As a company that handles investment and trading, it is no surprise that Meteor Asset Management has received several complaints over the years. While it is inevitable for businesses to face such concerns, it is crucial to understand the issues at hand and how they are being dealt with. In this article, we will delve into Meteor Asset Management complaints and what investors and traders need to know.
What is Meteor Asset Management?
Meteor Asset Management is an FCA-regulated investment firm in the United Kingdom that handles investments and trading in commodities, foreign currencies, primary metals, and more. They offer different investment strategies to their clients depending on their goals and risk-tolerance. The company has been in operation since 2009, and it has amassed a significant following over the years.
What are the common complaints?
Meteor Asset Management has faced several complaints throughout its operations. Here are some of the common issues raised by investors and traders:
1. Poor communication
Several clients have complained about how the company’s customer support team does not respond to emails/phone calls promptly. This lack of communication has resulted in clients feeling lost and frustrated with their investments.
2. Delayed payments
Investors have also reported delays in payments they were entitled to. Though the company claims most of these delays are because of bank transfers, it does not account for payment delays that go beyond the expected time frame.
3. Mismanagement of funds
There have been instances where users’ investments have been mismanaged. Some clients reported not receiving the expected returns, while others reported losing their investments entirely. This mismanagement of funds often stems from inadequate market research and wrong investment strategies.
4. High-risk investments
Some clients reported being assigned high-risk trading/investment strategies even when they specified low-risk options. This misalignment of investment strategies can lead to significant losses if the client does not know what they are getting into beforehand.
How is Meteor Asset Management dealing with complaints?
Meteor Asset Management takes all complaints seriously and has established several support channels to address them. Here are some of the channels that clients can use to report their complaints:
1. Email support: Clients can reach out to the company’s customer support team through their email address listed on their website.
2. Telephone support: Clients can call the company during their working hours and explain their complaints.
3. In-person support: Clients can also visit the company’s office to make inquiries and complaints. Due to COVID-19, it is advisable to call and schedule an appointment before going to the premises.
Meteor Asset Management also has an internal complaints handling procedure. Once a complaint is received, the company initiates an investigation and resolves the issue within eight weeks, keeping the client informed through the process. If the complaint cannot be resolved within eight weeks, the company will inform the client of their rights to escalate the matter to the Financial Ombudsman Service.
The Financial Ombudsman Service is the UK’s official complaints resolution body for financial institutions. Clients can approach them for free, impartial, and legally binding services. However, clients must first go through the Meteor Asset Management complaints resolution process before approaching the Financial Ombudsman Service.
Conclusion
Meteor Asset Management has faced several complaints over the years, but it is crucial to know that the company is taking the necessary steps to address them. The company has established support channels to receive complaints, an internal complaints resolution process, and is regulated by the FCA -meaning that it is held accountable to regulatory standards.
Investors and traders must be wary of the high-risk investment options and ensure that they align with their investment goals. They should also reach out to the company’s customer support team if they have any concerns or questions.
Ultimately, Meteor Asset Management complaints can be dealt with promptly and efficiently if the company and clients have clear communication and understanding of the investment process.