Offshore FX companies have been the Achilles heel of the FMA.
After receiving more than 2,000 complaints since July 2014, the Financial Markets Authority (FMA) is warning investors to step inside the regulatory tent for their own protection.
New Zealand’s Financial Markets Authority (FMA), the country’s main watchdog organization, has stepped up its call to bring in investors within its regulatory mantle, given the staunch uptick in complaints over the past few years – climbing to over 2,000 since mid 2014.
Like many other regulatory jurisdictions such as the UK, Australia, and continental Europe, New Zealand has had a large number of complaints in relation to scams from unregistered or unlicensed companies, some of which are operating offshore. The past few years have seen NZ step up its enforcement with the launch of Phase 1 and Phase 2 of its regulatory regime in a bid to better police its domestic financial services industry – by and large this has yielded a large number of gains though gaps in its coverage still exist.
FX Underscoring Regulatory Vulnerabilities
The main culprits presently have tended to gravitate towards such products as foreign exchange (FX) services and training software and property seminars, among others. The FMA has remained committed to weeding out firms that have no license or authorization to operate in NZ, which is now required by law. One of the areas that still presents vulnerabilities to this regime however is the propensity of offshore firms operating outside the FMA’s jurisdiction, as the regulator cannot help individuals recoup lost funds or take legal action – yet another reminder to deal with local or authorized firms.
Overwhelmingly, the FMA’s response to this existential threat has been to alert the public when it is concerned with an individual or business by issuing warnings on their website and, in select instances, recommending against investing with these companies. This process is ongoing however, and individual investors are best served by exercising good judgment in choosing a financial service provider.
According to Liam Mason, the FMA’s Director of Regulation, in a recent statement on the directive: “The Financial Markets Conduct Act has determined what products are regulated and it has strengthened the powers we have over the providers’ conduct. Unfortunately we recognise there will always be businesses that deliberately set up outside our jurisdiction and still manage to entice New Zealand investors to use their services.”
“For example Forex trading is considered a high risk, complicated investment and so we recommend consumers protect themselves as much as possible when contemplating this – or indeed any – investment. Do some research and take advantage of the Financial Markets Conduct Act and the protections it offers the investor,” noted Mason.
After receiving more than 2,000 complaints since July 2014, the Financial Markets Authority (FMA) is warning investors to step inside the regulatory tent for their own protection.
New Zealand’s Financial Markets Authority (FMA), the country’s main watchdog organization, has stepped up its call to bring in investors within its regulatory mantle, given the staunch uptick in complaints over the past few years – climbing to over 2,000 since mid 2014.
Like many other regulatory jurisdictions such as the UK, Australia, and continental Europe, New Zealand has had a large number of complaints in relation to scams from unregistered or unlicensed companies, some of which are operating offshore. The past few years have seen NZ step up its enforcement with the launch of Phase 1 and Phase 2 of its regulatory regime in a bid to better police its domestic financial services industry – by and large this has yielded a large number of gains though gaps in its coverage still exist.
FX Underscoring Regulatory Vulnerabilities
The main culprits presently have tended to gravitate towards such products as foreign exchange (FX) services and training software and property seminars, among others. The FMA has remained committed to weeding out firms that have no license or authorization to operate in NZ, which is now required by law. One of the areas that still presents vulnerabilities to this regime however is the propensity of offshore firms operating outside the FMA’s jurisdiction, as the regulator cannot help individuals recoup lost funds or take legal action – yet another reminder to deal with local or authorized firms.
Overwhelmingly, the FMA’s response to this existential threat has been to alert the public when it is concerned with an individual or business by issuing warnings on their website and, in select instances, recommending against investing with these companies. This process is ongoing however, and individual investors are best served by exercising good judgment in choosing a financial service provider.
According to Liam Mason, the FMA’s Director of Regulation, in a recent statement on the directive: “The Financial Markets Conduct Act has determined what products are regulated and it has strengthened the powers we have over the providers’ conduct. Unfortunately we recognise there will always be businesses that deliberately set up outside our jurisdiction and still manage to entice New Zealand investors to use their services.”
“For example Forex trading is considered a high risk, complicated investment and so we recommend consumers protect themselves as much as possible when contemplating this – or indeed any – investment. Do some research and take advantage of the Financial Markets Conduct Act and the protections it offers the investor,” noted Mason.
Devexperts Checks Off Type 2 SOC 2 Audit for Enhanced Data Security
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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