New Zealand’s Financial Markets Authority (FMA) today updated its warning list to include Carlton Church, a provider of investment products and services, for carrying out unlicensed financial activities.
The latest update follows last month’s addition of FM Trader, another broker to have been flagged for soliciting its services without a licence.
The FMA received reports that Carlton Church has been cold-calling New Zealand residents offering the chance to purchase US listed equities when it is not registered to provide financial services in New Zealand.
Carlton Church operates online via the website www.carlton-church.net where the firm lists its contact details including offices which are based in Japan and Cyprus.
What to Look for in a Forex Technology Provider?Go to article >>
Upon further investigation, Finance Magnates was unable to find any evidence of regulation by any other jurisdiction.
FMA Warnings and Alerts
The FMA uses warnings and alerts to respond quickly when it believes investors may be at risk. The warnings are designed to alert investors, censure the business or individual concerned, and help the public understand the standards of behaviour expected to conduct business in New Zealand.
Businesses and individuals are named on this list if they are not registered to provide financial services in New Zealand, have had the FMA enforce action against them for misconduct, have either not responded or not provided a satisfactory response to a request for information, or have received a warning notice from the FMA.
Carlton Church is the latest company to be added to its list of overseas businesses marketing financial services to New Zealanders without being registered and the FMA has thus recommended that the public does not invest money through this business.