Phoenix Forex Ltd. is the company that is responsible for distributing the foreign exchange software package oakfx in new zealand. Recently, the Financial Markets Authority issued a warning about oakfx. “the announcement came as a surprise to phoenix forex,” said kendall twigden, a spokesperson for the company. “We have had constructive dialogue with the fmA for some time in an effort to satisfy them that we should not ultimately need a license to trade futures because phoenix forex is simply a distributor of a software product,” twigden continued. “The announcement came as a surprise to phoenix forex.” This consulting process has been carried out intermittently throughout the course of the last 18 months, both directly and with the assistance of our legal team, which includes a well regarded barrister and qc. “we have taken the following (well documented) steps to comply with and/or answer any questions they have; -changed our purchase documentation -updated the website -changed marketing material -added risk statements to outgoing radio advertisement -changed brokers and the method the software terminates trades in an effort to satisfy them that the broker trades the “spot” market, not futures -we met several times with fma representatives and responded at length to each request for information and clarification – mark brewer, who sells the product with his team in auckland, responded to selected questions and comments from the media by stating that phoenix had invited the fma to attend a meeting in auckland with one of its brokers, the software developer, and its legal team in an effort to further update paperwork, as well as the paperwork of the broker, to satisfy the fma. brewer made this statement in response to questions and comments from the media. “the FMA did not react to our request for attendance or attend the meeting. After that, our attorneys got in touch with them over the phone and requested a meeting with them so that they could finally sort out the problems they were having. “The statement that was made (some days later) yesterday was the answer to that request for clarification of their stance and meeting request,” Mark Brewer said. “we want it to be apparent that phoenix forex completely supports the regulation of the financial markets and the fma’s role in protecting investors,” kendall twigden said. “We want to it clear that phoenix forex fully supports the role that the fma plays in safeguarding investors.” “We do also stand by our position that we are simply distributing automated software that was developed offshore and that ultimately uses funds in a client-controlled, ASIC-regulated broker account. For this reason (and with some advice on the subject), it was never envisioned that the company would need to be licensed, and we do not intend to change this position at this time.” We also take notice of the fact that the Food and Drug Administration spent 15 months to come to the conclusion that it does. We believe that the actions of Phoenix Forex, as a distributor for Oakfx, may have fallen inside a “gray area” for the act and maybe the fma, and that as a consequence, their duty was a tough one. ” “that being said, given the fma’s sweeping powers under the new act following the many finance company collapses, along with their unlimited legal resources, unfortunately we of course have no option but to comply fully with their position,” Twigden said. “This is the case irrespective of the consequences to our customers, many of whom have become very good friends, or our staff, who are like family.” Mark Brewer commented that the developer of the oakfx software has withdrawn the license to distribute in new zealand from phoenix as a result of the regulatory environment in new zealand now (noting that the fma’s view that phoenix needs to be licensed financial providers does not apply in most jurisdictions globally). This was in response to the fact that the regulatory environment in new zealand now. “but, we have it on good authority that the developers aim to keep supporting both the product and local New Zealand clients from their base in Australia. For this specific objective, the developer is seeking to hire a customer care representative to work with them in Australia, and specifics about how to get in touch with them will be provided in due time. “the schedule and choices pertaining to this are totally in their control,” stated brewer. “1. all clients who purchased oakfx signed documentation that clearly stated the product came with a degree of financial risk and that past returns are not indicative of future returns,” kendall twigden and mark brewer said they wished to point out the following. “as some misinformation has already appeared in selected media, kendall twigden and mark brewer said they wished to point out the following.” We will keep a copy of these materials in our archives. 2. during the course of the last several years, ever since the beginning of the global financial crisis, many different kinds of investments have failed to deliver the returns that investors anticipated, and there has been some degree of capital loss across the board. Oakfx has generated returns that are much higher than those of several of these other assets. 3. Phoenix is not under any legal obligation to assist clients who have not enjoyed the returns they were anticipating. Despite this, we have been working with a small number of clients who have experienced unusually large individual open positions as a result of the euro crises earlier in the year in order to reset their accounts. More information will be made available to those individuals in the next weeks as Phoenix Forex Ltd. works with the developer to assist. Our capacity to help these clients may have been jeopardized as a result of the fma’s announcement. “again we re-iterate that it was our fervent desire to on-sell a product with integrity, hard work, and honesty and which we believed would significant” “we believe that phoenix forex and the developer of oakfx have acted in an honorable and generous manner in assisting any customers who have expressed concern with the product, and while our responses occasionally may not have been prompt enough for some, we believe that the developer did far more to assist than many others would have done in a similar situation. We take notice, for instance, of the fact that there is no queue of persons outside the telecom firm requesting a refund on share-losses for the previous ten years of over 50 percent (even after correcting for the breakout of chorus). According to kendall twigden and mark brewer, “we are doing our very best to limit the impact of the fma decision on the viability of the business in new zealand, the product, and its ongoing support via the developer.” “We are doing our very best to limit the impact of the fma decision on the viability of the business in new zealand,” If you are interested in reading more, please visit the following website: http://www.kendalltwigden.wordpress.com/
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