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Is The Financial Services Commission Legit?

Discussion in 'Scam Alerts' started by lawrenceA, May 17, 2010.

  1. lawrenceA

    lawrenceA Private

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    Thanks to this web-site!

    My trader I'm dealing with uses Prime4x, she told me to open a live account with Prime4x. I decided to perform some DD before I wire the funds. I found this site and was made aware of the warnings from Cyprus. I questioned Prime4x via e-mail regarding the warnings from Cyprus gov. Is The Financial Services Commission Legit? There response....

    Dear Sir,

    Kindly we would like to inform you that prime4x has nothing to do with warning letter from Cyprus government as we are regulated with FSC (Financial services commissions) under number 0948058 C1/GBL and we are located in Mauritius also the FSC is in Mauritius in the southwest Indian Ocean



    Best Regards,

    Support Department
    Prime Forex Investment

    T: +971 429 30 118
    E: support@prime4x.com
    W:Welcome To Prime4x

    Is The Financial Services Commission Legit?
     
  2. lawrenceA

    lawrenceA Private

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    Nothing:

    145 views and NO COMMENT regarding this? Any thoughts Moderators?
     
  3. Pharaoh

    Pharaoh Colonel

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    I don't know what the mods think, but I know an easy way to find out if a "regulator" truly regulates or not.

    Check the regulator's site for enforcement actions. If you can't find any, ask them where these are. A regulator that never issues warnings or penalties isn't really a regulator at all. It's just a rubber stamp that issues licenses for money.

    As disappointed as I am with the NFA, at least they do eventually step in on some cases. The FSA just gave Alpari-UK a serious smack. Check the FSC and see what they have or have not done.
     
  4. lawrenceA

    lawrenceA Private

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    Thanks Pharaoh!
     
  5. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    Lawrence,

    Please post what you find out about the FSC in Mauritius. So far, the FPA doesn't rate regulators. Maybe we should.
     
  6. lawrenceA

    lawrenceA Private

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    Okay, will do.
     
  7. WilsonW

    WilsonW Corporal

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    I do not where to start my topic hence I will continue here on "The Financial Commission". I am disgruntled against it in a dealing with AMarkets.com where AMarkets states it is "backed/regulated/guaranteed" by The Financial Commission (check the portal shot where The Financial Commission has its Logo at the bottom middle of shot)

    In my dispute with AMarkets where I invested with 1 of its managers that had 2 years of excellent record and drawdown of less that 15%, managed to lose my investment nearly 70% (because AMarkets has no means of setting stop loss any less than 70%!). I approached The Financial Commission for a settlement where its complaint page says I were to give the broker AMarkets 14 days to respond but no other deadlines mentioned (check the financial commission dispute form original.pdf) This thus gave me the false sense of non-urgency to such matter. Given the year end holiday season, I got back to The Financial Commission and lodged my report. Only then I was rudely shocked to be informed that the matter must reach them within 45 days! (read the email communication pdf)

    So to me it all sound dodgy of such institution that appeared to be a safeguard and yet failed its duty terribly to protect any would-be investor. Beware!
     

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  8. Pharaoh

    Pharaoh Colonel

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    Technically, you're off topic, since this thread is about the Mauritius FSC and how useless they are.

    This FinancialCommission.org website looks like a mixed bag of forex brokers. A few have reasonable reputations, but others don't. What's funny is that the only "enforcement" I see on their website is a list of former members let go either for expired memberships or "breach of contract". There's no hint of whether they've ever ruled in favor of a client against a paying member.
     
  9. WilsonW

    WilsonW Corporal

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    Pharaoh, I beg your pardon that my post is off-topic. And I will gladly move to somewhere you deem more fitting. Nonetheless, my intention is to warn others of such dubious institution whether or not I can get mediation of my own case against it (The Financial Commission).

    Since you pretty much discredited TFC (short for The Financial Commission). That will make whichever the forex broker that use its (TFC) service as dubious too, in my case - AMarkets.com, and its associated investment manager, Alexey Mashkovtsev, whom I came to know through MQL5.com as a signal provider.

    This guy, Alexey Mashkovtsev, through my own unpleasant experience, has records of impressive record to get your investment and slammed your investment money in a few final deals!

    So now come to my million-dollar question: where to find trustworthy PAMM managers/managed funds with reliable track record?
     
    #9 WilsonW, Jan 3, 2017
    Last edited: Jan 3, 2017
  10. relaxos

    relaxos Private

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    AMarkets.com - unregulated, no licence
    financialcommission.org - a private non-binding resolution center
     

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