Your account statement lands in the login area of the website, and you get 15 days to object. After that, article 27.2 of the online trading agreement treats every line in it as approved by you.
Why this matters
A wrong trade or a fee you never agreed to becomes final if you do not write in within 15 days. PhillipCapital Japan can deliver that statement by posting it behind your login, so the clock runs while you are not looking.
Exhibit 1Every flagged clause gets its own number so you can point at this one. The number does not change, so a link to it keeps working.CriticalHow much this clause can cost you, in our reading. Critical can take your money or your profit. Warning can delay or limit it. Notice is simply worth knowing before you sign.Harder than usualHow ordinary this wording looks next to the contracts we read. This is our reading of the clause, not a count of other brokers.15 daysThe figure this clause puts a number on, taken from the broker's own words.
取引残高報告書を交付した後、15 日以内にご連絡がなかったときは、当社はその記載事項すべてについてご承認いただいたものとさせていただきます。
Firms licensed by the FCA give a retail client six months to take a complaint to the ombudsman service after the firm's final answer. This contract ends the argument 15 days after a statement goes out.
Phillip is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.
What happens, and whenThe Trigger column is what has to happen first. Once that point is reached, the broker may do what the next column says. Every rung names the clause it came from, so you can check it.
| Trigger | What the broker may then do | Clause |
|---|---|---|
| At least every 3 months | PhillipCapital Japan issues a balance report of your trades and holdings. | 27.1 |
| Once a year if you did not trade | The same report goes out, covering a year of holdings. | 27.1 |
| Day 15 after delivery | Everything written in the report counts as approved by you. | 27.2 |
- Worse together with Exhibit 11Read these two clauses together. Each one costs more because the other exists.Once the 15 days pass, the only surviving account of the trade is the firm's own record, which article 20 makes decisive.
- Worse together with Exhibit 12Read these two clauses together. Each one costs more because the other exists.A trade placed by somebody else with your login has to be spotted and disputed inside the same 15 days.