After a long and fruitful day of workshops and panels, the last scheduled speech at the iFX expo International 2016 in Cyprus was a speech by the Chairwoman of the Cypriot financial regulator, the Cyprus Securities and Exchange Commission (CySEC).
The chairwoman offered a review of all the work her office has done for improving the safety of traders, but it seems not all of them appreciate it. As she was offering her final points and saying that the Investor Compensation Fund (ICF) fund is being strengthened, a protester jumped out of his seat and started shouting that CySEC is not doing enough for the alleged victims of IronFX.
The Investor Compensation Fund overseen by CySEC and funded by the brokers regulated on the island is the last resort to return funds to clients of brokers that have gone out of business.
He accused the regulators of not answering clients inquiry about compensation for them and said that this issue is not being addressed by CySEC. A number of clients of IronFX have been protesting online and offline for months, claiming that the brokerage is withholding their withdrawal requests. At the same time, the company has been claiming that it has been the victim of abusive traders.
Before the speech, the event’s moderator said that there wasn’t going to be a question and answer session with the regulators and no questions are allowed. This has been the standard practice for CySEC in recent years at other events where the chairwoman has been speaking.
Kalogerou seemed a bit embarrassed by the situation and didn’t respond, while security forcibly escorted the protester out while he kept shouting about IronFX. She also didn’t have a comment about the incident for Finances Magnates. In a recent interview, Kalogerou stated that IronFX has failed to identify that the broker’s bonus system had been abused.