IronFx exposed at the European Parliament

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Everybody can file a Petition to the European Parliament, but not everybody is going to be invited to a public debate in Bruxelles. The European Parliament only deals with matters of general interest.

A Hungarian client filed a petition to the European Parliament in 2016. A similar petition was filed by an Italian client.

The Petitions were considered as admissible in accordance with the Rules of Procedures of the EU Parliament. The Petition Committee began its examination and decided to ask the European Commission to conduct a preliminary investigation of the various aspects of the problem.

After the preliminary investigation, the Petition Committee invited IronFx damaged clients to speak at the European Parliament in July 2017. The petitioners were represented by Mr. Kornel Balogh, who spoke in name of a large number of victims.
He illustrated how the company has been withholding his family savings for 2 years.
(BTW: this particular petitioner newly received a decision by CY Financial Ombudsman to be reimbursed his initial deposit, but IronFx has refused to pay until now.)

The European Securities and Markets Authority ESMA and the EU Commission were invited to the debate. It was the first time that they were forced to make a public statement on this issue, which relates to the severe lack of investor protection in an EU member state (Cyprus).

Highlight of the debate was the Chairman of the Petition Committee asking "Why is this sort of shady company still allowed to trade?"

During the debate, the ESMA admitted to have received complaints by 500 complainants from all over the EU and to have started, as "latest line of action" a bilateral correspondence with CySEC for further clarification about the Report of Cyprus General Auditor.

Please listen yourself

Part 1
Part 2
Part 3
Part 4

The European Parliament has no power to resolve clients' complaints. But this institution can force EU authorities (such as the ESMA and the EU Commission) to take action.

Since January 2018 the ESMA has intervention power.

The ESMA can ban financial instruments (such as binary options), or high leveraged products (such as retail forex). But they can also ban a financial activity, i.e. a company. Here is the statement of the ESMA: http://bit.ly/2Fgqyde

The Petitions are still open and online for supporters. There will be a new hearing .

upload_2018-3-1_12-22-43.png


Last but not least: the hearing before the European Parliament had not much coverage in the forex press. We have known that IronFx threatened journalists not to report about it or forced them to remove the article.

Only Finance Magnates did not remove this piece of news: https://www.financemagnates.com/forex/brokers/european-parliament-discuss-petition-ironfx-july-11/
 
Everybody can file a Petition to the European Parliament, but not everybody is going to be invited to a public debate in Bruxelles. The European Parliament only deals with matters of general interest.

A Hungarian client filed a petition to the European Parliament in 2016. A similar petition was filed by an Italian client.

The Petitions were considered as admissible in accordance with the Rules of Procedures of the EU Parliament. The Petition Committee began its examination and decided to ask the European Commission to conduct a preliminary investigation of the various aspects of the problem.

After the preliminary investigation, the Petition Committee invited IronFx damaged clients to speak at the European Parliament in July 2017. The petitioners were represented by Mr. Kornel Balogh, who spoke in name of a large number of victims.
He illustrated how the company has been withholding his family savings for 2 years.
(BTW: this particular petitioner newly received a decision by CY Financial Ombudsman to be reimbursed his initial deposit, but IronFx has refused to pay until now.)

The European Securities and Markets Authority ESMA and the EU Commission were invited to the debate. It was the first time that they were forced to make a public statement on this issue, which relates to the severe lack of investor protection in an EU member state (Cyprus).

Highlight of the debate was the Chairman of the Petition Committee asking "Why is this sort of shady company still allowed to trade?"

During the debate, the ESMA admitted to have received complaints by 500 complainants from all over the EU and to have started, as "latest line of action" a bilateral correspondence with CySEC for further clarification about the Report of Cyprus General Auditor.

Please listen yourself

Part 1
Part 2
Part 3
Part 4

The European Parliament has no power to resolve clients' complaints. But this institution can force EU authorities (such as the ESMA and the EU Commission) to take action.

Since January 2018 the ESMA has intervention power.

The ESMA can ban financial instruments (such as binary options), or high leveraged products (such as retail forex). But they can also ban a financial activity, i.e. a company. Here is the statement of the ESMA: http://bit.ly/2Fgqyde

The Petitions are still open and online for supporters. There will be a new hearing .

View attachment 36495


Last but not least: the hearing before the European Parliament had not much coverage in the forex press. We have known that IronFx threatened journalists not to report about it or forced them to remove the article.

Only Finance Magnates did not remove this piece of news: https://www.financemagnates.com/forex/brokers/european-parliament-discuss-petition-ironfx-july-11/



Dear Alphabeta,

Without identifying yourself as a client of the company, you continue posting repeated and baseless defamatory allegations.

The Company has repeatedly requested that you provide your particulars either via this forum or via e-mail to a dedicated email address, however, you have not done so to date in order to allow the Company to attend to any genuine query you may have.

Please also note that the last petition to the European Parliament in July 2017 plainly confirmed the sole jurisdiction of the Republic of Cyprus in dealing with any complaints against CySEC regulated entities. The statutes on National Sovereignty are very clear and any additional petitions (if ever lodged) will have a similar fate.

We note that your continuous defamatory attempts are aimed at creating impressions, disgrace and damage to the Company’s reputation and goodwill. Such inappropriate conduct is not welcome by the Company and is against ethics and morals. Unless you have a genuine query, the Company does not intend to attend to any further unsubstantiated comments or statements.

For your latest attempt to defamate the company (or any other issues or repeated defamatory commentary or false allegations you want to post on the FPA site) please refer to the “IronFX – Falsely Accused Broker” thread: https://www.forexpeacearmy.com/community/threads/ironfx-falsely-accused-broker.54115/

The undisputed facts are:

1. We have been operational for 8 years, one of the longest established global Brokers.
2. We are regulated by the four premier regulators in the FX world (FCA, ASIC, CySEC and FSB) with full licencing and with an absolutely clean record of conduct. No fines and no warnings whatsoever. To this effect, we don’t think that e.g. the FCA would turn a blind eye to any misdemeanours.
3. We never breached any Capital Adequacy requirements in any of our regulated jurisdictions.
4. We have had the same auditors since inception with a clean audit record throughout.
5. We have not had a single Court judgement in any jurisdiction against us.
6. The “huge number of complaints” respond to a mere 0.2% of our client base, most are old and have been dealt with.
7. We have passed significant due diligence as part of various investment processes in our 8 years of operations. This has culminated in the recent investment by a regulated fund in our company.

Should you have any specific, factual complaint, we welcome you once again to identify yourself as a client of the company by providing the relevant details.

Will leave you latest barrage of defamatory postings to be judged by the community @BinaryLad and @AsstModerator in particular who have been following our posts and responses.

Thank you
 
Dear IronFX!
My Name is Bernadett Derda from Hungary. IronFx has been holding my funds of 32 032,84 USD since March 2015.
I had complaint to Financial Ombudsman of Cyprus, and reported this to EU authorities.
I urge IronFx Global Ltd. to return my funds of 32 032,84 USD which IronFx has been illegally withholding since 3 years!

HEREBY I REQUEST THE WITHDRAWAL OF ALL MY REMAINING FUNDS:
Withdrawal details:
IronFx account no. 24001171, 24032519
Currency: USD
Withdrawal Amount: 32 032,84 USD
Beneficiary's Full Name Derda Bernadett
as IronFx has been withholding my funds for 3 years without being entitled to do so under European Law,
if I do not receive a response within 15 days, then I have to initiate a legal action against IronFX Global (Notesco Financial Services).

Thank You for your response!

Best Regards
Derda Bernadett from Europe
 
Dear IronFX!
My Name is Bernadett Derda from Hungary. IronFx has been holding my funds of 32 032,84 USD since March 2015.
I had complaint to Financial Ombudsman of Cyprus, and reported this to EU authorities.
I urge IronFx Global Ltd. to return my funds of 32 032,84 USD which IronFx has been illegally withholding since 3 years!

HEREBY I REQUEST THE WITHDRAWAL OF ALL MY REMAINING FUNDS:
Withdrawal details:
IronFx account no. 24001171, 24032519
Currency: USD
Withdrawal Amount: 32 032,84 USD
Beneficiary's Full Name Derda Bernadett
as IronFx has been withholding my funds for 3 years without being entitled to do so under European Law,
if I do not receive a response within 15 days, then I have to initiate a legal action against IronFX Global (Notesco Financial Services).

Thank You for your response!

Best Regards
Derda Bernadett from Europe
I look forward to the IronFX Officer response to this. Requested information is provided.
 
Dear IronFX!
My Name is Bernadett Derda from Hungary. IronFx has been holding my funds of 32 032,84 USD since March 2015.
I had complaint to Financial Ombudsman of Cyprus, and reported this to EU authorities.
I urge IronFx Global Ltd. to return my funds of 32 032,84 USD which IronFx has been illegally withholding since 3 years!

HEREBY I REQUEST THE WITHDRAWAL OF ALL MY REMAINING FUNDS:
Withdrawal details:
IronFx account no. 24001171, 24032519
Currency: USD
Withdrawal Amount: 32 032,84 USD
Beneficiary's Full Name Derda Bernadett
as IronFx has been withholding my funds for 3 years without being entitled to do so under European Law,
if I do not receive a response within 15 days, then I have to initiate a legal action against IronFX Global (Notesco Financial Services).

Thank You for your response!

Best Regards
Derda Bernadett from Europe

Dear Derda.Bernadett,

Thank you for providing your details.

We note that your query was attended by the Company and a response was sent to you on 19 January 2016.

We further note that had your complaint referred to the FOS which was rejected by the FOS on 31 October 2017.

Regards,
 
IronFX, how can any company keep someones money and refuse to return it to them when requested ?

Berda, please tell us more from your side in terms of IronFX's 2016 response and the FOS rejection of your claim.
 
Dear IronFX Officer!
I'm a real victim of IronFX!
To clarify your responses:
1. According to Union Law, Clients' Funds explicit belong to Clients and
IronFX has no authority to withhold those funds irrespective of Circumstance!
Apologies, by the European law, IronFx must pay back my Funds!

2. The complaint to FOS was not rejected, but the complaint was not examined by the FOS!
FOS stated, that the deadline for submitting my complaint expired.
I made an opposition to the FOS, regarding this: I have provided the “Company’s final response” to FOS immediately after (on 11 February 2016) after it was issued by IF – I have evidence.

as I have complained in time against IronFx “Company’s final response”, therefor, the deadline for submitting my complaint has not been expired!
other important fact is, the ADR directive and Cyprus law 85(1)2017 do not specify a binding 4-month deadline. The deadline which is foreseen by Cyprus law 85(1) 2017 is 12 months.

In the mean time, I'll complain to The European Securities and Markets Authority ESMA and the EU Commission regarding this.
but nevertheless, the FOS decision will delay? it does not matter.

According to Union Law, Clients' Funds explicit belong to Clients and
IronFX has no authority to withhold those funds irrespective of Circumstance!


The question remains:
IronFx is not entitled to withhold my funds by law, why IronFx doing this for 3 years?


We’ll discuss this in this and other forums, or otherwise in the court.

Thank You for your response!
Best Regards
Derda Bernadett from Europe

Dear Derda.Bernadett,

Thank you for providing your details.

We note that your query was attended by the Company and a response was sent to you on 19 January 2016.

We further note that had your complaint referred to the FOS which was rejected by the FOS on 31 October 2017.

Regards,
 
IronFX, how can any company keep someones money and refuse to return it to them when requested ?
This is a valid question, and the answer is by Law:
According to Union Law, Clients' Funds explicit belong to Clients and
IronFX has no authority to withhold those funds irrespective of Circumstance!
Apologies, by the European law, IronFx must pay back my Funds!


[QUOTE="Derda, please tell us more from your side in terms of IronFX's 2016 response and the FOS rejection of your claim.[/QUOTE]

My complaint to FOS was not examined by the FOS!
FOS stated, that the "4 Month" deadline for submitting my complaint expired.
I made an opposition to the FOS and EU, regarding this:
as, I have provided the “Company’s final response” to FOS immediately after (on 11 February 2016) after it was issued by IF – I have evidence.
as I have complained in time against IronFx “Company’s final response”, therefor, the deadline for submitting my complaint has not been expired!

other important fact is, the ADR directive and Cyprus law 85(1)2017 do not specify a binding 4-month deadline. The deadline which is foreseen by Cyprus law 85(1) 2017 is 12 months.

actually, Cyprus Financial Ombudsman failed to comply with the relevant EU legislation, I complained to the competent EU authorities, European Securities and Markets Authority and the EU Commission.

but nevertheless, the FOS decision may delay? it does not matter.
According to Union Law, Clients' Funds explicit belong to Clients and
IronFX has no authority to withhold those funds irrespective of Circumstance!
 
This is a valid question, and the answer is by Law:
According to Union Law, Clients' Funds explicit belong to Clients and
IronFX has no authority to withhold those funds irrespective of Circumstance!
Apologies, by the European law, IronFx must pay back my Funds!


My complaint to FOS was not examined by the FOS!
FOS stated, that the "4 Month" deadline for submitting my complaint expired.
I made an opposition to the FOS and EU, regarding this:
as, I have provided the “Company’s final response” to FOS immediately after (on 11 February 2016) after it was issued by IF – I have evidence.
as I have complained in time against IronFx “Company’s final response”, therefor, the deadline for submitting my complaint has not been expired!

other important fact is, the ADR directive and Cyprus law 85(1)2017 do not specify a binding 4-month deadline. The deadline which is foreseen by Cyprus law 85(1) 2017 is 12 months.

actually, Cyprus Financial Ombudsman failed to comply with the relevant EU legislation, I complained to the competent EU authorities, European Securities and Markets Authority and the EU Commission.

but nevertheless, the FOS decision may delay? it does not matter.
According to Union Law, Clients' Funds explicit belong to Clients and
IronFX has no authority to withhold those funds irrespective of Circumstance!

Dear Derda.Bernadett,

Please refer to the Company's reply (post #5) in this thread: https://www.forexpeacearmy.com/community/threads/ironfx-exposed-at-the-european-parliament.54373.

We consider this issue now closed.

Thank you
 
Dear IronFX Officer!

I did try everything to negotiate with you, but IronFX is Cypriot company, who stolen my deposit, and closed my complaint.
IronFX just doesn't have the right to close this issue!

Respected IronFX,
as per Europien Comission, ESMA, EO, SOLVIT, MNB advised me to start judicial action against IronFX,
I'll initiate a lawsuit against IronFX, and this issue will be furher discussed in the Hungarian Court!


All IronFx victims should start a legal action against IronFX, as it is advised by the EU Authoritys! This is the only way to get justice!

Thank You for your response!

Best Regards
Derda Bernadett from Europe

Dear Derda.Bernadett,

Please refer to the Company's reply (post #5) in this thread: https://www.forexpeacearmy.com/community/threads/ironfx-exposed-at-the-european-parliament.54373.

We consider this issue now closed.

Thank you
 
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