The Financial Markets Authority today started
procedures for striking off the troubled FX broker from the list of
Financial Service Providers (FSP).
The
situation around financial troubled Forex Trend Limited, the New
Zealand-based retail Forex broker, is worsening, as the country’s
financial watchdog today ordered the deregistration of the company from
the Financial Service Providers (FSP) register.
The Financial Markets Authority (FMA) has earlier voiced its concerns over the operations of FX Trend. Early in May this year, FMA published a warning against
dealing with Forex Trend, referring to a statement by the broker’s
director Mr Manlai Zhang who said the company was unable to meet its
obligations to customers and is on the verge of being liquidated.
Forex Trend has been very active in luring clients in Eastern Europe and Russia. Russia’s Forex self-regulatory organization CRFIN blacklisted the broker in February 2015. This came only a week after Alpari Ru published an open letter, requesting Forex Trend to stop abusing the “PAMM account” trademark.
Forex Trend is a member of
New Zealand’s Financial Dispute Resolution (FDR) scheme – customers of
the ill-fated broker are advised to address the FDR for assistance.
Screenshot of Forex
Trend’s page on the FSP register, showing history of actions after the
company registration in February 2013. The last decision is from today
(June 10, 2015) and concerns “FMA Directed Deregistration”.
