IronFx : Whistleblower corner

IronFX Officer

IronFx Representative
Messages
380
ah just a quick reminder…:rolleyes:

Judgment of the Consumer Court against a Cypriot company for an unfair term
From
24h.com.cy
-01/17/2018

The Consumer Protection Service announced an administrative decision against IronFX Global Ltd. for breach of the Unfair Terms of Consumption Law.
According to a statement from the PIO, the decision relates to an investigation conducted by the Director of the Service in connection with the existence of an unfair term in a brokerage contract of that company.
The Director, exercising the powers conferred on him by law, has decided that this term is contrary to the provisions of articles 5 (1), 5 (4) and 7 of the law and is therefore abusive and / or opaque.
This term relates, inter alia, to the right of the company, at its absolute discretion, to refuse, withhold or withdraw from the accounts of its clients the payment of a benefit / gain from stock exchange transactions which they have carried out, suspect that they have abused the terms of the contract or any other promotional action or have acted in bad faith without specifying what constitutes the abuse and / or the criteria under which the company exercises the above discretion in particular.


IronFX Global: Legally incorrect the content of the decision of the Ministry of Culture
From
24h.com.cy
-01/18/2018

IronFX Global believes that the content of the Consumer Protection Authority's (MLS) ruling on unfair terms in its brokerage contract is legally erroneous, inaccurate and defamatory in its entirety.
In a statement on this decision, IronFX reports that it has secured a wealth of legal advice from internationally recognized law firms demonstrating its full compliance with MiFID regulations.
"All reports, including the advice of a top British Counsel, confirm that the Company retains every legitimate right to do so in the event that its customers violate the terms and conditions of the relevant agreement," the statement said.
The Company has repeatedly explained its position at the Ministry of Finance, inviting its executives to a meeting at IronFX's offices in order to examine their own opinions.
However, he notes, despite the Company's appeals, no meeting was held.
The Company adds that it has informed the Ministry that it is licensed and supervised by the Cyprus Securities and Exchange Commission and that its services are governed by the regulatory framework for investment services.
"Therefore, the recipients of the services are not considered as" consumers "as defined in the Cypriot legislation under which the Ministry of the Interior issued this decision.
A similar case was dealt with by three different courts in Hungary, which ruled that the recipients of investment services are not considered to be "consumers" as defined in the relevant European legislation, "IronFX said.
He also explained to the Ministry of the Interior that the provision in question is not equivalent to "at will" as in cases of breaches affecting the Company's interests, the Company is entitled to carry out actions which are fair, necessary and in full compliance with the relevant legislation, as confirmed by the aforementioned legal opinions.
The Company also explained to the Ministry of Finance that the recipients of its services were included in the benefit plan, at their own will and desire.
Finally, he adds that "it is worthy of the fact that this decision is timely in relation to the factual or legal facts to which it refers, based on Article 10 of the Law of Administrative Law", noting that this decision is contrary to the to date, the policy and tactics of investment firms and may well be considered to be contrary to the principle of proportionality under Article 52 of that law.

Source: CNA http://24h.com.cy/?s=IRONFX
Dear oscarra,

Thank you for your comment.

We note that in regards to the administrative decision of the Consumer Protection Service (CPS): (1) the CPS has no regulatory jurisdiction on the Company and no legal power vested, (2) we have commenced legal action against the CPS which is currently ongoing for the erroneous decision, (3) we have won a seminal Court case that clients are not consumers.

We also refer you to point 5 of our opening statement in this thread (see link http://www.forexpeacearmy.com/community/threads/ironfx-falsely-accused-broker.54115/).

Thank you
 

marc56

Private, 1st Class
Messages
40
Dear lawyer, it is now 3.5 years since my withdrawal was unfairly and without reason stuck. I need to know when this story ends ... a week? A month ? One year ? You continue to illegally keep my money for 3.5 years. Cysec forced me to do an appeal with the Financial Ombudsman, who rejected the appeal without any proof, only SUPPOSITIONS of illicit activities, obviously never proved.
It also took into account FALSE data you provided, this is very disturbing for justice.
The financial ombudsman, does not respond to my requests for clarification, this shows how corrupt it is.
You keep repeating that "you have no comments to make" and that my case has already been discussed ... yes, discussed, but NOT SOLVED ...
Please, answer only to my question: how long do I have to wait to get my money ? When does this story end?
Demonstrate your seriousness on this forum
 

IronFX Officer

IronFx Representative
Messages
380
Dear lawyer, it is now 3.5 years since my withdrawal was unfairly and without reason stuck. I need to know when this story ends ... a week? A month ? One year ? You continue to illegally keep my money for 3.5 years. Cysec forced me to do an appeal with the Financial Ombudsman, who rejected the appeal without any proof, only SUPPOSITIONS of illicit activities, obviously never proved.
It also took into account FALSE data you provided, this is very disturbing for justice.
The financial ombudsman, does not respond to my requests for clarification, this shows how corrupt it is.
You keep repeating that "you have no comments to make" and that my case has already been discussed ... yes, discussed, but NOT SOLVED ...
Please, answer only to my question: how long do I have to wait to get my money ? When does this story end?
Demonstrate your seriousness on this forum
Dear marc56,

Thank you for your most recent posting.

We will not comment on your opinions about the FOS service, please refer directly to them for any issues you may have.

Your case has been repeatedly discussed (see e.g. posting #218 above - http://www.forexpeacearmy.com/commu...histleblower-corner.53703/page-22#post-310752).

We consider this case closed.

Thank you
 

marc56

Private, 1st Class
Messages
40
Dear lawyer, this is not an answer ... my case has been discussed, but NOT SOLVED, because after 3.5 years you still do not return my money.
I remind you that this money is DEPOSIT money, not profits or bonuses
 

luxotik

Private, 1st Class
Messages
36
Dear marc56
Ironfx is the biggest scam of forex industry.
Identical same situation is mine (23k unpaid),at the top of the company there are unscrupulous criminals supported by Cysek and Financial Ombudsman.
IronFX OfficerIronFx Representative is a puppet ,you can not wait any better from him.
 

marc56

Private, 1st Class
Messages
40
It is really sad to see this, but above all it is sad to see the arrogance of this broker in denying a withdrawal after 3.5 years, not a week !!! No explanation, no real motivation, just excuses and lies, no proof, really bad people...:(
 

gerfor99

Recruit
Messages
6
Finally I have the answer of the Financial Ombudsman of The Republic of Cyprus. The 21/06/2018.
The art. 23: The decision of the Financial Ombudsman is that the complainant should be reimbursed the amount of XXXXXX.

Until today nothing. Iron fx does not even respect the decision of the Financial Ombusdman?
 

IronFX Officer

IronFx Representative
Messages
380
Finally I have the answer of the Financial Ombudsman of The Republic of Cyprus. The 21/06/2018.
The art. 23: The decision of the Financial Ombudsman is that the complainant should be reimbursed the amount of XXXXXX.

Until today nothing. Iron fx does not even respect the decision of the Financial Ombusdman?
Dear gerfor99,

You are kindly requested to provide us with your particulars (i.e.name and account number) in order to allow us to attend to any queries you may have. You can also write to us at responses@ironfx.com for any clarifications you may require.

Thank you
 

gerfor99

Recruit
Messages
6
My account Number is 622822. The others information you can derived.
Regards
I'd like to have any clarification. In every way normal Iron Fx had already the Financial Ombudsman communication. So was hoping to be contacted already.
Regards
 
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