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RESOLVED - Tradewithprecision.com (Nick McDonald)

Discussion in 'Resolved Issues' started by kwaldron, Nov 16, 2012.

  1. kwaldron

    kwaldron Private, 1st Class

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    The FPA considers the offer made by Nick McDonald of TradeWithPrecision.com to deal with this complaint to be fair and considers this issue to be resolved.

    FPA Member Kwaldron is free to pursue his claim by other means if he wishes.


    Trade With Precision is a company based in New Zealand that sells courses on trading worldwide. I do not have a physical address for them but I know that they are Auckland based. At the bottom of their home page it says the following: ‘Trade With Precision’ is the trading name for Precision Universal LP registered in New Zealand, under registration number 2540518.”. Nick McDonald is the cofounder of the company and the main man. Travis McKenzie is a sidekick of McDonald’s and a fellow director of the company

    On the 17th September 2012, I bought a course called the Precision Platinum Package on trading on markets from them for £2,499 and paid for it with my Visa card. After doing the course, I was not satisfied with what I had purchased and asked for a refund. The problem was the 3 systems they advocated using rarely set up in the forex market and I could not see them “dramatically improving my results “as per their sales pitch. They initially took up the position that they owed me nothing because they alleged that I had broken their terms and conditions. McKenzie then offered me £800 of my money back as a goodwill gesture which I called “ derisory “ and did not accept it. He then passed me up to Nick McDonald who increased the offer to £1,275 which I again rejected. After a lot of emails between me and McDonald he has upped the amount to £1,500 and, as of last week, credited that much back to my Visa card.

    The company are not honest with people purchasing their products because their terms and conditions are biased, contradictory, contain unfair terns and practices and contravene both UK’s Unfair Contract Terms Act 1977 and NZ’s Fair Trading Act. Both McKenzie and McDonald lied to me during the exchanges that I had with them by email and over the telephone. I want to see the balance of what I paid for the course (£999) returned to me, and some compensation for the inconvenience and disruption that they have caused me. The company should either be banned from trading on the basis that it has chosen, or forced to amend its terms and conditions.
     
    #1 kwaldron, Nov 16, 2012
    Last edited: Nov 24, 2012
  2. BigT1

    BigT1 Sergeant Major

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    My search of the New Zealand FSPR Companies Register shows no record of the entity displayed in the attached screenshot as:
    Precision Universal LP registered in New Zealand, under registration number 2540518.
    HomePage | Companies Office FSP
    .
    I suggest your confront them for an explanation; and if unsatisfactory, report them directly to the same authority.
    Invite this firm to respond to this thread here on FPA.
    If I have overlooked something, I will gladly stand corrected.
    .
    Anthony Ingrassia, CTA
    NFA ID#: 0278164
     

    Attached Files:

    #2 BigT1, Nov 17, 2012
    Last edited: Nov 17, 2012
  3. FXCobra

    FXCobra Banned for uncivilized conduct

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    Honestly, I think this case shows some greedy from the client side. You must be over happy that the company returned to you that money amount.
    Thank God
    Don't know if there's a refund policy by the company for its products but as I quickly checked its site, didn't see anything that says refund(might not be right)
    And, lets speak frankly, if you buy any book from a bookshop, you'll go back to it to say "look, its contents didn't help me, I want a refund and plus that I want a compensation for waste of time and many psychological problems caused by the book:rolleyes:"
    Common Give me a break:confused:

    Some courses and products might be appropriate for some and not for others, even the Top selling products in any category might differ in terms of use between clients or traders.
    If the owner do not mention a policy refund and also you must read the terms and conditions for it, so you suppose can buy all products found on the net use it for sometime(refund period) then say didn't like it, return my money:(
    Oh, forgot the compensation too:D Common:confused:
     
  4. kwaldron

    kwaldron Private, 1st Class

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    In reply to Big T1 above, the company are registered in NZ. To get their details, I did the following;
    1. go to: HomePage | Companies Office The Official Site.
    2. then click on Do It Now.
    3. then click on Search other registers.
    4. then click on Other Registers Search
    5. Put a check mark against Limited Patrnerships (NZ0 and click continue.
    6. then enter company name (Precision Universal LP) and click continue.
    7. then click on name to view company details (see enclosed screenshot 1)

    I would like the court case to continue against TWP on the basis of the files and screenshots in the Case Preparation Folder. Screenshot 1.
     
    #4 kwaldron, Nov 18, 2012
    Last edited: Nov 19, 2012
  5. BigT1

    BigT1 Sergeant Major

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    Hello kwaldron,
    Thanks for the guidance through the cryptic NZ Companies page.
    I successfully navigated to the registration information. Indeed they are registered as Limited partnership in NZ, but registration as a company is not the same as registering a company or person as a FSP (Financial Services Provider). This is an additional requirement for financial entities who are based in NZ. The FSPR (the FSP register) shows no such registration for this company. That is what I was referring to. Here is a link to the page describing the requirements in NZ for such entities:
    Register an FSP | Companies Office FSP
    .
    As you can see, this firm in not in compliance.
    Attached is the most recent filing for them. Their Service Address appears to be through an accounting firm know as Grant Thornton, with both a PO Box and physical address to contact the firm. Hope this helps.
    .
    In general though, sellers of training and courses often get by with disclaimers that claim their materials are for educational purposes only, which will probably protect them unless you have some way to illustrate that they made direct trade recommendations that harmed you. Therefore I am inclined to agree with comments by others, that you faced an uphill battle to get any refund at all, and should consider what your part was in your own losses.
    .
    AI
     

    Attached Files:

    #5 BigT1, Nov 18, 2012
    Last edited: Nov 18, 2012
  6. Pharaoh

    Pharaoh Colonel

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    Did you agree to £1,500 as compensation for the course not living up to your expectations?
     
  7. kwaldron

    kwaldron Private, 1st Class

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    In reply to FX Cobra above, thanks for your comment but I would point out the following;
    1. Some things have changed at their website since I did the purchase on September 17th 2012.
    2. Their terms and conditions are still visible at their website if you dig for them.
    3. It is normal practice for sellers of courses to offer a refund.
    4. If a company behaves unreasonably in granting the request for a refund, then the customer is entitled to compensation for the disruption suffered as well.
     
    #7 kwaldron, Nov 19, 2012
    Last edited: Nov 20, 2012
  8. kwaldron

    kwaldron Private, 1st Class

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    In reply to Pharaoh above:
    Yes I did and that is obvious from the correspondence that I have lodged with the court.
     
    #8 kwaldron, Nov 19, 2012
    Last edited: Nov 19, 2012
  9. kwaldron

    kwaldron Private, 1st Class

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    Hello BigT1 ,
    I must have misinterpreted what you said in your original post. However, we have established between us that the company does exist in NZ as a limited partnership with audited accounts but is not registered as an FSP. With regard to your last paragraph, I would point out the following: everything they said on the videos or in the manuals included a disclaimer that they were provided " for illustrative and education purposes only";there is no financial loss to me from trading their systems as I only paper traded them; I still want the case to be heard at your court on the basis of the files and screenshots already uploaded; I am prepared to accept criticism if I was negligent in any way.
     
    #9 kwaldron, Nov 19, 2012
    Last edited: Nov 19, 2012
  10. Pharaoh

    Pharaoh Colonel

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    I just wanted to 100% verify that detail.

    If you accepted the terms of a compensation deal, you can always complain later that you think the deal was unfair. On the other hand, accepting the terms of a compensation deal makes filing a traders court case a lot less viable.
     

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