Thank you for your long respond. Actually it did not resolve anything and also create more doubt on your organization. You had an opportunity to come clean and admit your guilt and ask for forgiveness, but you did not!!!
Here is the fact, in the past when you were a licensed broker in New Zealand; you had an agreement with FDR to be used as a 3rd party independent dispute resolution.
After you decided to cease your license with FSPR in 2016, The FDR could no longer be utilized by your company. However, GDMFX did not want to inform its clients that FDR is out of picture now, and there is a very good reason for it.
Here is your reason:
There are hundreds of unregistered binary options brokers are around the worlds, and they all provide same service. I save you the stories how a lots of people got scammed and some folks ended up taking their own life because they lost everything. I am not saying that the registered BO is saints, and if you open an account with a registered BO broker you are one hundred percent okay.
Banc de Binary was a prime example of a so called registered BO and got millions of dollars fined by American Authority, and there are other examples as well. Anyway, being a licensed broker give an extra layer of protection to clients which with unlicensed broker, the clients are at the mercy of the broker who are most likely thousands of kilometers away.
So, what I am saying is just because you are not licensed it does not mean that you are out there to take advantage of people. What I am saying is since you are not licensed there is no regulatory body can force you to be accountable to your clients except your words. Frankly, without prejudice your words means nothing if a recognized government body or an independent organization such as FDR back you up.
Having said that, it is very beneficial and instrumental for GDMFX, if you have FDR as a backer for your organization. Since you are not licensed, and this will give you an edge over other unlicensed BO broker.
That is why you did not want to update your status in regards to FDR, and you were wishing nobody will find out and folks just believe what your stating on your website and listening to your customer service. So, you have been misleading your clients for over a year now until I shed a light on your scheme.
You could have admitted your guilt, but you chose a worse way to deal with it. You blame your wrong doing on Nicola McClenaghan, the FDR’s representative, as if she does not know what she is talking about. Not to mention insinuating that the private conversation should not be public. You are claiming on your public website that you are using FDR, but in fact FDR said they are not. There is no private about this. Nicola McClenaghan expressed FDR’s position regarding your non-existence claim, and you are accusing that she express her personal feeling, and what she says in private is different than public. That is very low and insulating to FDR especially to Nicola McClenaghan.
Also, apparently we have to wait for GDMFX to post an official respond from FDR after their lawyers try to get an answer. So, folks wait for GDMFX!!!!
I contacted FDR, and I am posting a respond from Mr. Trevor Slator who is the Scheme Director of Financial Dispute Resolution Service. By reading the below email, there should not be any doubt that GDMFX has been misleading its clients since last year. If you people do not want to believe it then so be it.
As the Scheme Director of Financial Dispute Resolution Service I would like to echo the concerns raised by Nicola
The information that is being provided by GDMFX call centre about our dispute resolution process and what we can do in relation to GDMFX complaints is wrong. It is suggesting in a manner that is borderline offensive, that we don’t know what we are doing.
This needs to be rectified immediately and an undertaking that any further information provided by whoever is the call centre contact is correct and not misleading.
Financial Dispute Resolution Service has not been able to accept complaints made against GDMFX from non-New Zealand residents for some time. To say this is not the case clearly shows the person providing that response needs to be informed of the current and long standing situation.
I note in one email this person also suggests that there are other dispute resolution schemes available in New Zealand that GDMFX could join. I would suggest this is also incorrect as I doubt another Scheme would accept a membership application from a company that is not registered on the New Zealand Financial Service Provider Register. Perhaps the call centre contact could also be corrected on this point.
And as Nicola has suggested an apology in my view is very much warranted.
Mast. Conf. Res.
Financial Dispute Resolution Service
T: 04 381 5084 M: 021 232 2027
Financial Dispute Resolution Service
PO Box 2272, Wellington 6140. L 4, 142 Lambton Quay, Wellington 6011
By the way, I hope that you were not offended when I said “caught with your pants down”; it is just an expression which resemble your dilemma. Again, I have nothing against your company. Honestly is always a good policy, but it does not come cheap!