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An FX Broker based in Ireland sold me over the phone a currency rate to transfer U.S. Dollar to Euro. The term of the deal I received by email stated the currency rate and a maturity date of two days later.

They extended the deal maturity date a few days later as I didn't transfer the funds in time. The rate change was mainly in their favor by thousands of dollars - otherwise, I suspect they would have used the initial maturity date to cancel the deal.

I asked for a deal cancellation as I didn't expect the deal would run over the maturity date. The broker charges me the difference between the initial and current rates.

Now in the complaining process, they are justifying the maturity date extension by:

Whilst [broker name] is not obligated to extend the maturity date, it did so within its discretion and goodwill to enable you to fund the transfer and therefore avoid paying the cancellation fees.

Neither a professional nor a student in law, how is discretion and goodwill interpreted by the law? Can a financial service be extended on discretion and goodwill of one counterpart without the agreement of the other?

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    Did the broker's email include any T&Cs (possibly in the small print) about a customer's failure to transfer funds by the date agreed?
    – user35069
    Commented Jul 27, 2022 at 17:14
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    No they did not. However I opened an account on their website and I accepted their terms while signing in. To ‘unlock’ my account I had to call them and they sold me the service during that call.
    – Begoodpy
    Commented Jul 27, 2022 at 18:52
  • those crafty little leprechauns
    – Tiger Guy
    Commented Jul 28, 2022 at 14:26

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