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Problem Tim616 vs UFXMarkets.com & CySEC
- Thread starter Tim 616
- Start date
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- Tags
- ufxmarkets.com
I am having an issue with a company
Tooncastle
Recruit
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So complain to the Belize ombudsmen if your not from EU?
http://www.ifsc.gov.bz/
Best is to check directly with Belize in concern of UFXTrade or whatever name Licensing
Ombudsman’s services had initially been created for consumers defense free of charge, also to unload courts, at least so its stated on their websites.
We sure noticed weakness, already in the EU zone, don’t expect Belize to handle worldwide cases.
But at least they can Blacklist the company, in event of failures.
Best is to check directly with Belize in concern of UFXTrade or whatever name Licensing
Ombudsman’s services had initially been created for consumers defense free of charge, also to unload courts, at least so its stated on their websites.
We sure noticed weakness, already in the EU zone, don’t expect Belize to handle worldwide cases.
But at least they can Blacklist the company, in event of failures.
Sorry it has taken me so long to reply, I've had major computer melt downs.
Anyway after sending a few emails to the FCA questioning their care level I have had a couple of interesting emails.
On the 24th of July I received the following:
Dear Mr Ahchow,
Thank you for your further email where you have clarified the website you have used.
My response
On the financial services register, the website www.ufx.com appears under the firm Reliantco Investments Ltd, this firm is EEA Authorised as I have previously stated to you. I have looked at the website and at the bottom of the page they state “UFXLondon is operated by Central Markets Limited with the reference number 473312”.
I have searched the register for the number and can see a firm called Central Markets (London) Limited. I suggest you use the details on the register to contact this firm to clarify if your account is held with them.
Your next steps
If the firm clarify that your account is held with them then you would have access to the complaints process and theFinancial Ombudsman service (the Ombudsman). The Ombudsman service is a separate organisation that holds dispute resolution powers so they can investigate individual cases.
Consumers in the UK can also speak to their local Citizens Advice Bureau as they can provide them guidance on where they stand legally.
Request for clarification
I would like to state that the above guidance is based on the information you have provided to me. If the firm Central Markets states that they do not hold an account under your name, then you will need to go through your emails to clarify which firm you have dealt with.
If I can please ask you to clarify what guidance Central Markets provides to you. If they are not the firm you have dealt with then can I please ask you to provide me with a few emails from the firm.
I will be able to look at the emails to see which firm has sent them to you. Once I receive this information I may be able to provide you with further guidance.
I look forward to your reply.
Yours sincerely
Luqman Ishaq
I replied the same day with:
Hi Luqman,
Thanks for your reply.
I have nor idea how to search the site you are referring to regarding Central Markets Limited.
You are probably not aware that I am in Australia, so a lot of the things you have access to is more difficult for me.
I have had a look at the first few emails I received from UFX and can not work out where the company is based or where my money is being held.
I have noticed that they tend not to use personal names instead using email addresses as Log In names. I assume this could make searching for names more difficult.
So I have attached some emails to you to check to see if you can work out who I am dealing with.
I'm not sure if the attachment is what you need so I will also forward them to you.
Thanks
Tim Ahchow
On the 28th I received this:
Dear Mr Ahchow,
Thank you for your further email.
My response
Central Markets (London) Limited appears on our register of authorised firms called the financial services register. For your assistance I have provided their contact details for you below:
+442072657900
www.centralmarkets.co.uk
jonathan.silvester@centralmarkets.co.uk
I have looked at the emails you have provided it is still unclear which exact firm in which country you have dealt with. The only firm who can clarify this for you is UFX themselves. I have looked at the firm’s website and they have provided the details for the different regulators they are authorised by.
You can view this information by clicking here.
Your next steps
I suggest you speak to Central Markets to Clarify if your account is held with them or not. If the firm clarifies it is not then there is no further guidance I will be able to provide to you.
If Central Markets clarifies that your account is held with them, then you can follow the complaints process outlined within my previous reply to you.
I do hope you find this information useful.
Yours sincerely
Luqman Ishaq
Then on the 3rd of August I received this from UFX:
Dear Trader,
Thank you for your Email,
Please find the below T&C in the link - https://www.ufx.com/en-GB/about-us/terms-and-conditions/
The sections below will answer your request:
7.1 All amounts handed over by the Client to the Company or which the Company holds on behalf of the Client, for the provision of Investment Services, shall be held in the name of the Client and/or in the name of the Company on behalf of the Client in an account. This means that your funds will be segregated from our own money and cannot be used in the course of our business.
7.2 We may hold your money and the money of other Clients in the same clients' bank account (omnibus account). In this case, we are able to identify your money through our back office and accounting system.
7.3 We may receive or pass on clients’ money to any of our affiliated companies or a third party (e.g. a bank, a market, merchant, e-wallet, intermediate broker, OTC counterparty or clearing house) to hold or control in order to effect a Transaction through or with that person or to satisfy your obligation to provide collateral (e.g. initial margin requirement) in respect of a Transaction. We have no responsibility for any acts or omissions of any third party to whom we pass money received from you. The third party to whom we pass money may hold it in an omnibus account and it may not be possible to separate it from our money, or the third party's money. In the event of the insolvency or any other analogous proceedings in relation to that third party, we will only have an unsecured claim against the third party on behalf of you and our other Clients, and you may be exposed to the risk that the money received by us from the third party is insufficient to satisfy the claims of you and all other Clients with claims in respect of the relevant account. The Company accepts no responsibility for any funds not deposited directly into the Company's bank accounts, for losses (directly or as a result of) due to delays and/or failures to deposit/remit funds through affiliated and/or third parties.
7.4 We shall not pay you interest on Client money and we may deposit your money in overnight deposits and we will be allowed to keep any interest.
7.5 We may hold your Client money on your behalf outside our home jurisdiction. The legal regime applying to any such bank or person maybe different and in the event of the insolvency or any other analogous proceedings in relation to that bank or person, your money may be treated differently from the treatment which would apply if the money was held with a bank in an account in our home jurisdiction. We will not be liable for the insolvency, acts or omissions of any third party referred to in this paragraph.
7.6 We may deposit your money with a depository who may have a security interest, lien or right of set-off in relation to that money.
7.7 Upon signing the Customer Agreement, the Client authorizes the Company to make any deposits and withdrawals from the Bank Account on its behalf including, without prejudice to the generality of the above, withdrawals for the settlement of all transactions undertaken under the Customer Agreement and all amounts which are payable by or on behalf of the Client to the Company or any other person.
7.8 The Company may, at its discretion, from time to time and without the Client's authorization, set-off any amounts held on behalf and/or to the credit of the Client against the Client's obligation to the Company or its Broker(s). Unless otherwise agreed in writing by the Company and the Client, this Agreement shall not give rise to rights or credit facilities.
Sincerely,
Compliance department
+44.208.1500778
+44.207.6811810www.ufx.com
Which I forwarded to the FCA and received this reply on the 5th:
Dear Mr Ahchow,
Thank you for your further email regarding your concerns with the firm UFX.
My response
I have looked at the firm’s response to you and cannot see any information to state which exact firm you have dealt with. I have previously provided you with the details for the EEA Authorised firm and the firm based in the UK.
You will need to email the firms to see where your account is held, even if the money is held with a bank in the UK this does not make it fall under the FCA rules. You will need to speak to the relevant regulator.
Please be aware I am unable to provide you with any further guidance than I have provided previously.
I hope you find this information useful.
Yours sincerely
Luqman Ishaq
So this is where I am currently at?
Any advise?
It seems that UFX and the authorities (the country doesn't matter) are like politicians from both the ruling and the opposition sides. In that one side wont to tell the truth because they know that they have done the wrong thing, but the other side doesn't want to push too hard, because then they will have to get off their lazy butts and do something.
What is the little bloke to do?
The FPA does a great job, but unfortunately have no power of prosecution, I'm sure if someone did start prosecuting these SCUM, most of this stuff would not happen in the first place.
Thanks
Tim
Anyway after sending a few emails to the FCA questioning their care level I have had a couple of interesting emails.
On the 24th of July I received the following:
Dear Mr Ahchow,
Thank you for your further email where you have clarified the website you have used.
My response
On the financial services register, the website www.ufx.com appears under the firm Reliantco Investments Ltd, this firm is EEA Authorised as I have previously stated to you. I have looked at the website and at the bottom of the page they state “UFXLondon is operated by Central Markets Limited with the reference number 473312”.
I have searched the register for the number and can see a firm called Central Markets (London) Limited. I suggest you use the details on the register to contact this firm to clarify if your account is held with them.
Your next steps
If the firm clarify that your account is held with them then you would have access to the complaints process and theFinancial Ombudsman service (the Ombudsman). The Ombudsman service is a separate organisation that holds dispute resolution powers so they can investigate individual cases.
Consumers in the UK can also speak to their local Citizens Advice Bureau as they can provide them guidance on where they stand legally.
Request for clarification
I would like to state that the above guidance is based on the information you have provided to me. If the firm Central Markets states that they do not hold an account under your name, then you will need to go through your emails to clarify which firm you have dealt with.
If I can please ask you to clarify what guidance Central Markets provides to you. If they are not the firm you have dealt with then can I please ask you to provide me with a few emails from the firm.
I will be able to look at the emails to see which firm has sent them to you. Once I receive this information I may be able to provide you with further guidance.
I look forward to your reply.
Yours sincerely
Luqman Ishaq
I replied the same day with:
Hi Luqman,
Thanks for your reply.
I have nor idea how to search the site you are referring to regarding Central Markets Limited.
You are probably not aware that I am in Australia, so a lot of the things you have access to is more difficult for me.
I have had a look at the first few emails I received from UFX and can not work out where the company is based or where my money is being held.
I have noticed that they tend not to use personal names instead using email addresses as Log In names. I assume this could make searching for names more difficult.
So I have attached some emails to you to check to see if you can work out who I am dealing with.
I'm not sure if the attachment is what you need so I will also forward them to you.
Thanks
Tim Ahchow
On the 28th I received this:
Dear Mr Ahchow,
Thank you for your further email.
My response
Central Markets (London) Limited appears on our register of authorised firms called the financial services register. For your assistance I have provided their contact details for you below:
+442072657900
www.centralmarkets.co.uk
jonathan.silvester@centralmarkets.co.uk
I have looked at the emails you have provided it is still unclear which exact firm in which country you have dealt with. The only firm who can clarify this for you is UFX themselves. I have looked at the firm’s website and they have provided the details for the different regulators they are authorised by.
You can view this information by clicking here.
Your next steps
I suggest you speak to Central Markets to Clarify if your account is held with them or not. If the firm clarifies it is not then there is no further guidance I will be able to provide to you.
If Central Markets clarifies that your account is held with them, then you can follow the complaints process outlined within my previous reply to you.
I do hope you find this information useful.
Yours sincerely
Luqman Ishaq
Then on the 3rd of August I received this from UFX:
Dear Trader,
Thank you for your Email,
Please find the below T&C in the link - https://www.ufx.com/en-GB/about-us/terms-and-conditions/
The sections below will answer your request:
7.1 All amounts handed over by the Client to the Company or which the Company holds on behalf of the Client, for the provision of Investment Services, shall be held in the name of the Client and/or in the name of the Company on behalf of the Client in an account. This means that your funds will be segregated from our own money and cannot be used in the course of our business.
7.2 We may hold your money and the money of other Clients in the same clients' bank account (omnibus account). In this case, we are able to identify your money through our back office and accounting system.
7.3 We may receive or pass on clients’ money to any of our affiliated companies or a third party (e.g. a bank, a market, merchant, e-wallet, intermediate broker, OTC counterparty or clearing house) to hold or control in order to effect a Transaction through or with that person or to satisfy your obligation to provide collateral (e.g. initial margin requirement) in respect of a Transaction. We have no responsibility for any acts or omissions of any third party to whom we pass money received from you. The third party to whom we pass money may hold it in an omnibus account and it may not be possible to separate it from our money, or the third party's money. In the event of the insolvency or any other analogous proceedings in relation to that third party, we will only have an unsecured claim against the third party on behalf of you and our other Clients, and you may be exposed to the risk that the money received by us from the third party is insufficient to satisfy the claims of you and all other Clients with claims in respect of the relevant account. The Company accepts no responsibility for any funds not deposited directly into the Company's bank accounts, for losses (directly or as a result of) due to delays and/or failures to deposit/remit funds through affiliated and/or third parties.
7.4 We shall not pay you interest on Client money and we may deposit your money in overnight deposits and we will be allowed to keep any interest.
7.5 We may hold your Client money on your behalf outside our home jurisdiction. The legal regime applying to any such bank or person maybe different and in the event of the insolvency or any other analogous proceedings in relation to that bank or person, your money may be treated differently from the treatment which would apply if the money was held with a bank in an account in our home jurisdiction. We will not be liable for the insolvency, acts or omissions of any third party referred to in this paragraph.
7.6 We may deposit your money with a depository who may have a security interest, lien or right of set-off in relation to that money.
7.7 Upon signing the Customer Agreement, the Client authorizes the Company to make any deposits and withdrawals from the Bank Account on its behalf including, without prejudice to the generality of the above, withdrawals for the settlement of all transactions undertaken under the Customer Agreement and all amounts which are payable by or on behalf of the Client to the Company or any other person.
7.8 The Company may, at its discretion, from time to time and without the Client's authorization, set-off any amounts held on behalf and/or to the credit of the Client against the Client's obligation to the Company or its Broker(s). Unless otherwise agreed in writing by the Company and the Client, this Agreement shall not give rise to rights or credit facilities.
Sincerely,
Compliance department
Which I forwarded to the FCA and received this reply on the 5th:
Dear Mr Ahchow,
Thank you for your further email regarding your concerns with the firm UFX.
My response
I have looked at the firm’s response to you and cannot see any information to state which exact firm you have dealt with. I have previously provided you with the details for the EEA Authorised firm and the firm based in the UK.
You will need to email the firms to see where your account is held, even if the money is held with a bank in the UK this does not make it fall under the FCA rules. You will need to speak to the relevant regulator.
Please be aware I am unable to provide you with any further guidance than I have provided previously.
I hope you find this information useful.
Yours sincerely
Luqman Ishaq
So this is where I am currently at?
Any advise?
It seems that UFX and the authorities (the country doesn't matter) are like politicians from both the ruling and the opposition sides. In that one side wont to tell the truth because they know that they have done the wrong thing, but the other side doesn't want to push too hard, because then they will have to get off their lazy butts and do something.
What is the little bloke to do?
The FPA does a great job, but unfortunately have no power of prosecution, I'm sure if someone did start prosecuting these SCUM, most of this stuff would not happen in the first place.
Thanks
Tim
I know about one other investor who had some troubles with UFX and made some decent efforts to resolve it. To be precise he's from the EU and opened his account through www.ufx.com . He led the dispute against a Cypriot entity and the fact that the Terms and Conditions (https://www.ufx.com/en-GB/about-us/terms-and-conditions/) set out that
"This Customer Agreement is made between Reliantco Investments Limited, a Company duly registered under the Cyprus company law with Registration Number HE 270726 ..."
only confirm that the Cypriot company should be the only one in the game..so, I don't really know what the issue can be with the Cyprus Ombudsman.
"This Customer Agreement is made between Reliantco Investments Limited, a Company duly registered under the Cyprus company law with Registration Number HE 270726 ..."
only confirm that the Cypriot company should be the only one in the game..so, I don't really know what the issue can be with the Cyprus Ombudsman.
next step
https://www.esma.europa.eu/investor-corner/file-complaint
and get this Mark Tenen involved, he sure must know about his vicious Franchise UFX set up's.
http://www.financemagnates.com/thought-leadership/trading-platforms/build-your-own-forex-brokerage/
