FX Brokers Feedback

Andrew24310

I have just spoken with DC Bartlett of Thames Valley Police. Her team are in the process of trying to prove that a crime has taken place. This is not as simple as it sounds, and requires more than proof that the funds have gone missing. They also have to prove intent - i.e. an intention to defraud.

It's clear that any civil action that we take either individually or collectively, other than a claim in the small claims court, will result in the police investigation being terminated. This would not be to our advantage. We should therefore hold back on a civil action until the police investigation has been concluded - either with a conviction, or with the case closed due to lack of evidence.

However one action that would be worthwhile would be to petition for the company to be declared insolvent. This would prevent FX World from continuing to trade, and prevent further funds (if there are any) being siphoned out of the company. DC Bartlett referred me to the web site www[dot]insolvency[dot]gov[dot]uk

I would recommend that all of us who have lost money go to this web site and make a formal complaint against the company. It is scandalous that this company is still able to trade, and potentially still able to take money from more victims.

kamen_2

could you please reffer us to the petition url so we can sign it.

Andrew24310

You can fill out the complaint form at www[dot]insolvency[dot]gov[dot]uk/complaintformcib.htm

If enough people fill in the form, they will hopefully investigate and apply to have the company declared insolvent.

Andrew

PS: Appologies for having to replace . with [dot], but this is due to forum-imposed restrictions.

kamen_2

thank you, just posted a complaint through that form, so waiting to 'receive an acknowledgement' (not sure how long will it take?)

GunnerB

Wouldn't hold your breath! Posted my complaint on 24 June and received this reply on 3 July:

Companies Investigation Branch (CIB) has the responsibility for conducting investigations into companies using the statutory powers of enquiry contained in the Companies Act 1985. When we receive a complaint it goes through a vetting process to decide whether it merits an investigation. I enclose an information sheet on our work.

We will be considering your complaint, taking into account any other information we have, will decide whether to carry out a formal investigation. As part of that consideration we may contact you to seek more information.

Where the company about which you are complaining is subject to formal insolvency proceedings - that is, administrative receivership, administration or creditors voluntary liquidation - you may, separately, wish to consider bringing your complaint to the attention of the responsible Insolvency Practitioner(s).

You will appreciate that for the investigative process to be effective it is essential to maintain confidentiality at all stages. This includes the process whereby we reach decisions regarding the use of our investigation powers. We cannot enter into public debate on the merits of complaints, and we do not confirm or deny whether an investigation of a particular company is taking, or has taken place. Therefore, you will understand that we will not tell you what the outcome of your complaint is.

Under most circumstances it is not possible to disclose the results of our investigations beyond a narrow range of other regulators (though if we take action in the public interest there will usually be some publicity). I therefore regret that we would not be able to provide you with any information that we obtained.

Thank you for bringing this matter to our attention

veronika33

In march 09, I contacted HIFX to open a currency trading facility account with them . I work as a longhaul cabin crew for a British airline so get paid in stirlings but need the money to go to my french account every month in euros...
Barclays Bank was already doing that transfer for me but they were charging 15 pounds a month so I decided to do it through a Broker.......Big mistake....HIFX asked me for a deposit of a month so it means that I needed to send a cheque of twice the monthly agreed amount to get started......In my case, I should have sent them 1300.00£ x 2............We went through all the process of the registration with them and they gave me a client number.....but I never used them >So now they contacted a solicitors company and i just received a claim form from a county court in Northampton asking me to pay 1615.00£ plus court fee and solicitor's costs.....why, i don't understand.....i never traded with them, never received any money from them.....All I did, was opening a trading account with them like you open a account in a bank......Is this legal??what shall I do ? Can somebody help me please

nzseries1

veronika33 wrote: »

[...] Can somebody help me please

Hi Veronika,

You'll need to remember exactly what it was you agreed to - HiFX have this service where they will guarantee the exchange rate for a year, and you pay them every month and also a deposit.

If you agreed to something like this, then they will already have purchased the currency in advance for you and that's why they will want you to pay.

However, I'm surprised that they would have done this before receiving any payment from you at all.

My advice is to check back and look at exactly what you agreed to. I'm sure other people will be along shortly with more advice.

Andrew24310

Veronica, I would suggest you post your message as a new thread, otherwise the discussions are going to get very mixed up. I sympathise with your problem, but this thread is concerned with the problems with FXA World.

Regards,
Andrew

nzseries1

Andrew24310 wrote: »

Veronica, I would suggest you post your message as a new thread, otherwise the discussions are going to get very mixed up. I sympathise with your problem, but this thread is concerned with the problems with FXA World.

Regards,
Andrew

With all due respect, this thread is to discuss FX Brokers in general, as specified by Post #1 - it's just that FXA World seem to dominate the thread at the moment.

GunnerB

Mr Kumar,

I have sent you a private message and would welcome an early response.

I sincerely hope that this matter will be brought to a satisfactory end.