22 January, AtoZ Markets – It appears that IronFX has changed the name of its registered company in Cyprus. The information on the official registrar now shows that the firm’s name has been amended to Notesco Financial Services.
IronFX Changes Name to Notesco Financial Services
The news about IronFX name change appears following the inked deal for a significant investment into the company by the new investor, Gemini Financial Services. According to the investor agreement, the investor gets one seat on the Board of Directors of the company. From Gemini Financial Services, Mr. Puneet Kamra has joined IronFX’s Board of Directors to represent firm’s interests. The representative from IronFX has commented on the case:
"IronFX has recently entered into a $100 million strategic agreement with a Middle East institutional investor with a view to capital growth and industry acquisitions. This is an important development that is expected to give new momentum to the company, further strengthening its position in the market."
The new board member of the parent company of IronFX, Mr. Puneet Kamra is serving as a Managing Director of Gemini FS. His specialty lies in transaction implementation at the company. Previously, Mr. Kamra has been serving at KPMG, Deloitte, and Fidelity Investments.
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We have reached out to the company representatives in regards to IronFX name change. The official response from the company representatives reads:
“Within the framework of the agreement, we have proceeded with some changes, mainly at procedural level. The name of the holding company is one of them. Nevertheless, the company will continue to operate with the same trade names, maintaining the Group’s brand names (e.g. ‘IronFX’), both in Cyprus and in the Group’s companies that operate abroad.
Furthermore, it should be noted that the new investor will be joining the company’s Board of Directors. This investment is of decisive importance as it constitutes a vote of confidence in the company, on the one hand and in the long-term prospects of the Cyprus economy, on the other. This deal creates a new state of affairs and opens up new prospects with important benefits for the Cyprus economy”.
Cypriot authority CPS says IronFX Bonus terms are unfair
Earlier last week, the Cyprus Consumer Protection Service (CPS) has published a statement clarifying that it has taken an administrative action in relation to IronFX.
The decision by the Cyprus Consumer Protection Service has been made in regards to IronFX. The decision states that the company has an unfair contractual clause in its client agreement. The government body also noted that the document is violating the terms of the Law on Abusive Terms in Consumer Contracts.
The official representative from IronFX has shared the following information with us:
“The Company has explained the above to the CPS on numerous occasions and had further invited them to visit their offices and review all Opinions onsite themselves. Such meeting had never taken place.
The Company had additionally explained to the CPS that is authorized and regulated by the Cyprus Securities and Exchange Commission and its services are governed by the regulatory framework covering the provision of investment services and as such, the recipients of its services are not deemed to be “consumers” within the definition of the local law based on which the CPS has issued the said decision”
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