Problem Tim616 vs UFXMarkets.com & CySEC

[Tim 616]

This is the latest. I have sent this to the UK Ombudsman to get their opinion.

Not sure what else to do.

Dear Mr. Ahchow,



We would like to inform you that we have notified, as per our standard procedures, Reliantco Investments Ltd regarding your complaint and replied that you do not have an account with them.


Please note that UFX is a franchise name and operates in different countries under their local regulatory authorities. From the communication you submitted in your complaint application, with different UFX employees, we have noted that they provide a U.K. telephone number. Kindly check with UFX and revert with evidence if your account is in Cyprus or elsewhere.


In case your account is elsewhere you need to address your complaint to the appropriate authority of that country.


Best regards,

Financial Ombudsman Office

 

[oscarra]

Not sure what else to do.

http://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/37610/

Most likely correct, you need to check with whom you signed up (terms & conditions).
.....just call the UK Ombudsman

http://www.financial-ombudsman.org.uk/consumer/complaints.htm

 

[Tooncastle]

Thanks for the info, looks like I will be forwarding my complaint to the UK ombudsman here, too.

 

[Tim 616]

The latest is I received a email from Cypris Ombudsman, see below.

I have sent a copy to the UK Ombudsman, asking what they think.

Not sure where to go from here.

Dear Mr. Ahchow,



We would like to inform you that we have notified, as per our standard procedures, Reliantco Investments Ltd regarding your complaint and replied that you do not have an account with them.


Please note that UFX is a franchise name and operates in different countries under their local regulatory authorities. From the communication you submitted in your complaint application, with different UFX employees, we have noted that they provide a U.K. telephone number. Kindly check with UFX and revert with evidence if your account is in Cyprus or elsewhere.


In case your account is elsewhere you need to address your complaint to the appropriate authority of that country.


Best regards,

Financial Ombudsman Office

 

[Pharaoh]

UFX is a multi-headed monster. You need to find out which branch is holding your money. Check your initial client agreement.

 

[oscarra]

Check your initial client agreement.

Country Court ,Juridications……….should be mentioned there.

 

[Tim 616]

I have previously contacted the FCA regarding this issue with no luck. See emails below.
From: Customer Contact Centre <consumer.queries@fca.org.uk>
Sent: Wednesday, 13 January 2016 22:15
To: timahchow@hotmail.com
Subject: Financial Conduct Authority [ ref:_00Db0K8yP._500b0WWdzQ:ref ]

Dear Mr Ahchow,


Thank you for your recent email regarding your concerns with the firm UFXMarkets. I can appreciate why you have contacted the Financial Conduct Authority (FCA).


Information on the financial services register


UFXMarkets does appear on our register as a trading name of the firm Reliantco Investments Ltd. This firm is EEA Authorised what this means is that they are directly authorised by their home state regulator the Cyprus Securities and Exchange Commission.


Your next steps


If you are unhappy with UFX then you will need to contact the Cyprus regulator directly to clarify their complaints process. There is useful information available for consumers who have dealt with EEA Authorised firms on the FCA website.


Further guidance


You may wish to speak to your local Citizens Advice Bureau as they can provide you guidance on your legal position.


What I have done


I have logged your email against UFXMarkets on our system. This information is available to the supervisory department, please be aware because we have to followconfidentiality restrictions we will be unable to tell you how we use this information.


I hope the information I have provided has been useful to you.


Yours sincerely


Luqman Ishaq

Customer Contact Centre

Financial Conduct Authority

Consumer Helpline: 0800 111 6768

www.fca.org.uk

 

[Tim 616]

However after the response from CySEC I contacted them again, see below for my email and their response. I don't think they care. I get the feeling that they don't really want to get involved.
Re: Financial Conduct Authority [ ref:_00Db0K8yP._500b0WWdzQ:ref ]

Tim Ahchow


|
Fri 15/07
Customer Contact Centre (consumer.queries@fca.org.uk)

Hi Luqman,

As you suggested I contacted the Cyprus Securities and Exchange Commission, after paying the fees and several emails I received the reply cut and pasted below.

If I am reading the reply correctly they are saying that is not under their jurisdiction as the money is held in the UK.

Where do I go from here?

Regards

Tim Ahchow


Dear Mr Ahchow,

Thank you for your further email regarding your concerns with the firm UFXMarkets.

My response

I have looked at the email the Cyprus Ombudsman has sent to you, they have clarified that they have spoken to the firm Reliantco Investments Ltd who have the trading name of UFXMarkets.

The firm has told them that you do not hold an account with them, further to this the Cyprus Ombudsman has told you that UFX is a franchise name. This means that you may have dealt with a firm based in another country that has bought the license to use the name UFX.

You will have to look through your paperwork to clarify which firm in which country you have dealt with. After you have clarified this information you will need to contact the relevant home state regulator.

The Ombudsman has stated the firm provided a UK number however as I have stated in my previous email, this firm is EEA Authorised.

Unless you can show me any paperwork to show that the firm you have dealt with is based in the UK, there is no further guidance I can provide to you.

I do hope you find this information useful.

Yours sincerely

Luqman Ishaq

Customer Contact Centre

Financial Conduct Authority

Consumer Helpline: 0800 111 6768

www.fca.org.uk

 

[Tim 616]

I have also written to UFX asking where my account is held, still waiting for a reply.

Am I wasting my time?

Do the Authorities have no interest in pursuing these thiefs?

What is it going to take for the Authorities to get off their butts and do something?

Are these companies just fronts for corrupt governments?

You really start to wonder when you keep hearing the same thing happening over and over and the people employed to stop it are sitting on their hands doing nothing,

 

[Tim 616]

Thanks Pharoah,

I went back to the first email and clicked on the Terms and Conditions.

I found something interesting so I forwarded the email below to FPA.

Hi Luqman,



This is part of my terms and conditions, I think if you check the current Terms and Conditions you will find this same claim is there.

Safer Trading with UFX
Providing our traders with a secure trading environment is our #1 priority. Your funds are always held in segregated accounts with top-tier banks in the UK. We take our traders’ privacy seriously and keep all personal data safe within our secure database, and never share any trader information with 3rd parties.

I hope this enables you to pursue them for my money.

Tim Ahchow