New Zealand Firms Register Delists Capital Trust, Dodges Responsibility
This suggests that the FSPR does not intend to act against a firm that clients raise complaints about and simply
The New Zealand Financial Service Providers Register (FSPR) has deregistered the firm CTM GROUP LIMITED operating the forex brokerage Capital Trust Markets as of today, May 15, 2015. The FSPR is part of the New Zealand government under the Ministry of Business, Innovation and Employment.
Traders turned to the FSPR saying that CTM had ignored client requests for money withdrawals for the last several months, and within the last week their members’ page with account details was replaced with a white page and “Upgrade in Progress” message. This event seems to suggest that the FSPR does not intend to act against a firm whose clients raise complaints rather simply washing its hands of it.
According to documents seen by Finance Magnates, the clients were simply sent to seek help outside the regulatory system. The government response said: “CTM used to be registered on the Financial Service Providers Register (FSPR) which is overseen by the Companies Office however they have been deregistered from that and therefore no longer part of a disputes resolution scheme. You will need to seek legal advice about what other action is available to you.”
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If this is the way the FSPR handles complaints, clients can question the whole reliability of trading with New Zealand registered firms, as when they need the help of the authorities they are turned away to a potentially costly legal battle. Finance Magnates posed a similar question to the New Zealand’s Financial Markets Authority (FMA) in the recent case of Insolvent Broker Forex Trend, and will update when the regulator responds as promised.
On its website, Capital Trust Markets still writes that it is “registered with the New Zealand business registrar (Registration Number: 4623222) and is regulated by the FSPR of New Zealand (Registration Number: FSP339386) and is also a member of The Insurance & Savings Ombudsman Scheme Inc.”
If the complaint was filed before the company was delisted, doesn’t NZ regulator have some obligation to look into the issue?
If the complaint was filed before the company was delisted, doesn’t NZ regulator have some obligation to look into the issue?
I was curious if you ever considered changing the structure of your website? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having 1 or 2 pictures. Maybe you could space it out better?
I was curious if you ever considered changing the structure of your website? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having 1 or 2 pictures. Maybe you could space it out better?
Thanks to the author for posting what is a critical issue but seems to get little attention by the press and zero attention by the governmental agencies legally responsible. I have an account with CTM and back in May had conversations with NZ financial authorities similar to that which the author posted. The NZ FSPR washed their hands of oversight of CTM and the Anti-Fraud Office said they saw no fraud involved !! With such a response from the primary agencies responsible for financial oversight I can only conclude they are either, a.) criminally complicit and directly or indirectly benefit… Read more »
Thanks to the author for posting what is a critical issue but seems to get little attention by the press and zero attention by the governmental agencies legally responsible. I have an account with CTM and back in May had conversations with NZ financial authorities similar to that which the author posted. The NZ FSPR washed their hands of oversight of CTM and the Anti-Fraud Office said they saw no fraud involved !! With such a response from the primary agencies responsible for financial oversight I can only conclude they are either, a.) criminally complicit and directly or indirectly benefit… Read more »
I had the case similar with the post with Caesartrade(www.caesartrade.com), NZ registred company offering forex brokerage to retail traders. 1. The NZ FSPR washed their hands and notified me that after my official complaint was made, CTFC was no more part of their dispute resolution scheme. 2. This broker then stated on their site that Clients can direct their concerns through NEW dispute resolution center http://www.fspl-registry.org/ which is non govermental body, but the absurd is FSPC Limited notified me “Please be advised that CTFC is not part of our dispute resolution scheme or our listing services.” 3. Answer form the… Read more »
Dean, It’s clear from the continuing stream of scams by businesses registered in New Zealand that the government welcomes criminal activity in the financial arena. The agencies responsible for oversight repeatedly ignore complaints by clients who have had funds stolen. It is becoming common knowledge that businesses can conduct criminal activity while operating under the umbrella of legitimacy provided by registration in New Zealand. Whether due to incompetence or personal financial gain the NZ government is complicit in this criminal activity. New Zealand is the new “Cyprus” for those wishing to benefit from shady financial dealings. My suggestion would be… Read more »
I had the case similar with the post with Caesartrade(www.caesartrade.com), NZ registred company offering forex brokerage to retail traders. 1. The NZ FSPR washed their hands and notified me that after my official complaint was made, CTFC was no more part of their dispute resolution scheme. 2. This broker then stated on their site that Clients can direct their concerns through NEW dispute resolution center http://www.fspl-registry.org/ which is non govermental body, but the absurd is FSPC Limited notified me “Please be advised that CTFC is not part of our dispute resolution scheme or our listing services.” 3. Answer form the… Read more »
Dean, It’s clear from the continuing stream of scams by businesses registered in New Zealand that the government welcomes criminal activity in the financial arena. The agencies responsible for oversight repeatedly ignore complaints by clients who have had funds stolen. It is becoming common knowledge that businesses can conduct criminal activity while operating under the umbrella of legitimacy provided by registration in New Zealand. Whether due to incompetence or personal financial gain the NZ government is complicit in this criminal activity. New Zealand is the new “Cyprus” for those wishing to benefit from shady financial dealings. My suggestion would be… Read more »