Scam Alert: New Zealand’s FMA adds another broker to its warning list

New Zealand’s Financial Markets Authority (FMA), maintains a list entitled “Businesses to be wary of”, in the framework of its mandate and commitment to protect investors “from businesses who are (or have been) registered on the Financial Service Providers Register (FSPR) but are the subject of complaints about loss of investor funds, or other serious misconduct that suggests customers may lose money.”

The standard procedure followed by the FMA when it receives a complaint about a business or individual registered on the FSPR, is to ask for an explanation from the entity or person in question and expect a response.

If no response is received or if the response provided is deemed not to be satisfactory and adequate, especially with regards to providing enough information about a specific complaint, then the FMA adds the name of the entity on the “Businesses to be wary of” list and strongly urges consumers not to invest their money through any of these businesses/individuals.

The latest addition to the said list that has just been announced is TigerWit Prime Limited, which offers various offering trading services via its website  www.tigerwit.com. On its website the company claims to have an address in New Zealand and to be a registered financial services provider.

 

 However, through the relevant announcement and through its inclusion on the regulator’s caution list, the FMA points out that TigerWit’s claims regarding its authorization in New Zealand are not true. The New Zealand watchdog also says that TigerWit is further misleading clients by claiming that their funds are safe as a result of such supervision.

  • Share this post!
Posted by

George Milios

George Milios is the founder of onlineforextrading.net, the binary options and forex news portal which is dedicated to providing you with all the information you need to successfully trade.

New Zealand’s FMA white paper on things stopping good investment decisions

New Zealand’s FMA white paper on things stopping good investment decisions

The government of New Zealand has shown a keen interest in understanding the best ways to improve financial capability, including through policy design and consumer protection regulation and supervision. Within this framework, the country’s Financial Markets Authority (FMA) has recently published...…

Published: Thursday 29 October, 2015

New Zealand's regulator keeps removing financial firms

New Zealand's regulator keeps removing financial firms

New Zealand’s Financial Service Providers Register (FSPR) has recently published on its website a new deregistration notice, which features all the names of businesses and individuals which were removed from the register in December 2015 and January 2016. As revealed by...…

Published: Thursday 29 October, 2015

Brokers to face a hard time in New Zealand

Brokers to face a hard time in New Zealand

Many brokers seek to get registered on the New Zealand Financial Services Provider Register (FSPR), due to the good reputation of New Zealand as a jurisdiction and also because it has a great proximity to the Asia Pacific which is a very promising and lucrative marker that brokers wish to t...…

Published: Thursday 29 October, 2015