Business Editor for the NZ Herald

Complaint made against Phoenix Forex

Photo / NZ Herald
Photo / NZ Herald

The Commerce Commission is considering a complaint about Phoenix Forex, the Auckland-based company which the Financial Markets Authority issued a warning on last month.

Phoenix Forex was the New Zealand distributor of the OakFX foreign exchange trading system, which customers paid up to $25,000 to access.

The OakFX system is no longer being sold in New Zealand after the FMA warned about both Phoenix Forex and the software package.

"The FMA believes that Phoenix Forex's claims about the level of returns made by its trading system are untrue, and that Phoenix Forex is misrepresenting the profitability of, and risks associated with, its trading system," the FMA said.

A commission spokesman said a complaint about Phoenix Forex had been received and was being assessed.

Phoenix Forex's sole director and majority shareholder, Kendall Twigden, has previously denied the FMA's allegations.

Twidgen was not at Phoenix's offices when the Herald called yesterday and did not respond to an email asking for comment by the time of publication.

- NZ Herald

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