DirectFX.com

sparen must pay

Private
Messages
30
Hi 4evermatt, I have tried once again to contact them but have not got a response. Can I check where in that link did you get the complain contact? Thank you very much.
When you browse http://www.fos.org.au/resolving-disputes/before-you-lodge-a-dispute/#id=member-check ,
* click on "Check that your financial services provider is a member of FOS"
* search for direct fx
* look for the data for Direct FX Trading Pty Ltd.

You'll have the name of the contact of DirectFX for the FOS.
 

Nev Fisher

DirectFx.co.nz Representative
Messages
3
Please do not confuse the two above companies directfx.com and directfx.co.nz . There is not, nor has there ever been, any connection between the two companies what so ever.

I am from www.directfx.co.nz and we have two registered companies named Direct FX Ltd and Direct Pty Ltd. We specialise in physical currency remittance and inter-bank currency broking. We do not offer CFD / margin trading. We are wholly New Zealand owned and operated.

We are completely independent from directfx.com (Direct FX Trading Ltd) and there is no connection between the two companies at all.

We want customers, and potential customers, to be aware that the Australian margin trading /CFD company, Direct FX Trading Pty Ltd (directfx.com) has recently been suspended by the Australian regulator ASIC.

We fully appreciate it’s a confusing situation for many customers and potential customers. We registered as Direct FX Ltd with the NZ companies office on the 23rd April 2001. Since then the world has become a much smaller place thanks to the internet. Unfortunately for us it’s also meant that an offshore registered company with a very similar name can easily be confused with us.

We applaud the Australian regulator for providing stringent oversite of the financial sector. We take pride in providing an extremely professional and efficient currency transfer service at very competitive rates and we have an unblemished record of providing exceptional customer service.
 

4evermaat

2nd Lieutenant
Messages
1,906
Just to reiterate from the asic website (google cached version):

Thursday 26 April 2018
18-115MR ASIC suspends AFS licence of Direct FX for compliance failures

ASIC has suspended the Australian financial services (AFS) licence of Direct FX Trading Pty Ltd (AFS licence 305539) (Direct FX) for a minimum of ten weeks and up to six months, depending on whether key criteria are satisfied.

Direct FX's AFS licence was suspended after ASIC found:
    • Direct FX had failed to comply with its Net Tangible Asset (NTA) requirements outlined in Class Order 12/752, including not having sufficient cash and cash equivalents to comply with its requirements on multiple occasions;
    • Direct FX failed to comply with a s912C(3) Direction from 10 February until 12 April 2018 to give ASIC an audit report covering certain important matters, including information about Direct FX's compliance with its financial obligations that would assist ASIC in making an assessment about Direct FX's competence, attitude to compliance and financial soundness; and
    • Direct FX failed to replace key persons named on its licence.
These failures to maintain financial soundness, comply with its duties and maintain competent key persons were likely to result in its compliance becoming increasingly less effective. Given the number and nature of the failures, ASIC had reason to believe that Direct FX is likely to contravene its general obligations as a licensee under s912A of the Corporations Act.

Commissioner Cathie Armour said, ‘Direct FX was in breach of important financial conditions of its AFS licence aimed at protecting investors from the higher operational and credit risks posed by the retail OTC derivative sector. Direct FX also failed to replace key persons to ensure adequate organisational competence, supervision of financial services and compliance with Australian regulatory obligations. When ASIC was trying to conduct its enquiries, the entity did not cooperate in a timely and efficient fashion that we would expect of licensees, and failed to comply with ASIC directions.’

ASIC found that Direct FX should not be allowed to carry on a financial services business until key person competency arrangements are adequately addressed and Direct FX has demonstrated compliance with the financial conditions attached to its AFS licence. If these criteria are not satisfied by 17 October 2018, ASIC may consider further suspending or cancelling the AFS licence, subject to the usual procedural requirements.

ASIC also notes the suspension will affect the financial services provided by Direct FX’s authorised representative, Core Liquidity Markets Pty Ltd, to the extent that they are provided under authorisations granted under Direct FX's licence.

To minimise the impact of the suspension on its past and current clients, Direct FX will be:
    • required to maintain its membership of an external dispute resolution scheme and adequate professional indemnity Insurance; and
    • able to close out positions of existing clients.
DirectFX has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.​

Also read:
https://www.financemagnates.com/for...icense-suspended-six-months-ownership-change/
https://financefeeds.com/asic-temporarily-suspends-afs-license-direct-fx/


@AsstModerator , can you update DirectFx.com's review page to reflect this? The suspension is supposed to be a minimum of 10 weeks and can last up to 26 weeks.
 

Nev Fisher

DirectFx.co.nz Representative
Messages
3
Just an update on our earlier message.

Please do not confuse these companies directfx.com and directfx.co.nz, directfx.com.au There is not, nor has there ever been, any connection between these companies what so ever.

I am from directfx.co.nz, directfx.com.au and we have two registered companies named Direct FX Ltd and Direct Pty Ltd. We specialise in physical currency remittance and inter-bank currency broking. We do not offer CFD / margin trading. We are wholly New Zealand owned and operated.

There is another Australian company with a very similar name, Direct FX Trading Ltd, and their website is directfx.com. They apparently offer CFD / Margin trading service.

We are completely independent from directfx.com (Direct FX Trading Ltd) and there is no connection between the two companies at all.

We want customers, and potential customers, to be aware that the Australian margin trading /CFD company, Direct FX Trading Pty Ltd (directfx.com) has recently been suspended by the Australian regulator ASIC.

We fully appreciate it’s a confusing situation for many customers and potential customers. We registered as Direct FX Ltd with the NZ companies office on the 23rd April 2001. Since then the world has become a much smaller place thanks to the internet. Unfortunately for us it’s also meant that an offshore registered company with a very similar name can easily be confused with us.

We applaud the Australian regulator for providing stringent oversite of the financial sector. We take pride in providing an extremely professional and efficient currency transfer service at very competitive rates and we have an unblemished record of providing exceptional customer service.
 

4evermaat

2nd Lieutenant
Messages
1,906
Please do not confuse these companies directfx.com and directfx.co.nz, directfx.com.au There is not, nor has there ever been, any connection between these companies what so ever.

I am from directfx.co.nz, directfx.com.au and we have two registered companies named Direct FX Ltd and Direct Pty Ltd. We specialise in physical currency remittance and inter-bank currency broking. We do not offer CFD / margin trading. We are wholly New Zealand owned and operated.

There is another Australian company with a very similar name, Direct FX Trading Ltd, and their website is directfx.com. They apparently offer CFD / Margin trading service.
Yes.

Can you provide all of your alternative website(s) please?

Also can you confirm whether or not you offer derivatives/speculative fx/cfd margin trading accounts? If so, what platform do you provide to your clients?

We are completely independent from directfx.com (Direct FX Trading Ltd) and there is no connection between the two companies at all.

We want customers, and potential customers, to be aware that the Australian margin trading /CFD company, Direct FX Trading Pty Ltd (directfx.com) has recently been suspended by the Australian regulator ASIC.
Let's confirm the above.

Then let's see if @AsstModerator or @FPA Forums Team will update the first post with a note that directfx.co.nz, directfx.com.au et al are NOT associated with [now defunct] directfx.com
 
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