New Zealand’s Financial Markets Authority (FMA) on Wednesday updated its warning list. The firms flagged by the regulator are Capital Management, Haig, Lafferty & Partners and the fake regulator Securities Authority of New Zealand.
The Securities Authority of New Zealand has come onto the watchdog’s radar for claiming to be a legitimate financial services regulator in the country when, in fact, it is not. The fake watchdog has been endorsing products and services from suspected scams, such as Haig, Lafferty & Partners.
The illegitimate securities regulator operates from www.sanz-gov.nz and claims its address to be 41 Shortland Street, Auckland Central, Auckland. The FMA urges consumers to be careful when dealing with this fake regulator, or when dealing with any companies endorsed by it.
The next warning is against Haig, Lafferty & Partners, which has been endorsed by the fake regulator. According to its website, the firm offers investment banking services. The firm has been cold calling people in New Zealand, the warning states.
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However, the FMA states that the company is not registered in New Zealand and it is not authorized to provide financial services in the country. Furthermore, the company is claiming to be registered by the fake securities regulator. As a result, the firm has the characteristics of a scam.
FMA Flags Capital Management
The final warning from the New Zealand watchdog goes to Capital Management. The firm advertises itself as a company comprised of global investment advisers for individuals and private groups on its website www.capitalmgt.com.
The financial regulator strongly advisors investors to exercise caution when dealing with Capital Management. This is because the firm has the characteristics of a scam. It is also not authorized to provide financial services or products in New Zealand.
The FMA is not the first regulator to flag Capital Management as suspicious. Earlier this year in May, the Monetary Authority of Singapore added the company to its investor Alert List.