FMA Warns Against DGM Service Markets Limited

by Damian Chmiel
  • The foreign exchange brokerage offering its services via the dgmfx.com website came under the watchful eye of the local market regulator and was added to its warnings list.
FMA Warns Against DGM Service Markets Limited
FM

The Financial Market Authority, New Zealand’s financial markets regulatory body, updated today its list of warnings and alerts. DGM Service Markets Limited is the newest entry under “unregulated business” – the entity allegedly does not have the appropriate licenses to provide trading services in the country.

According to the information that can be found on the dgmfx.com page, the broker’s office is located at: Level 13, Tower 1,205, Queen Street, Auckland Central, New Zealand. DGM claims to be registered as a Financial Service Provider (FSP), the FMA’s opposing view notwithstanding.

As reported by the FMA in a recent official statement on the warning: “We note that DGM Financial Services Limited was deregistered from the Financial Service Providers Register on 7 November 2014 and the company is not registered to provide financial services in New Zealand.”

The FMA also instructs that companies and individuals wishing to provide financial services in New Zealand must be registered on the Financial Service Providers Register (FSPR). DGM Service Markets Limited can be found on the list - the entity was indeed regulated, but the deregistration took place a few months after joining the register.

FMA, New Zealand, Finance Magnates

Source: business.govt.nz

This is another example of guidance published by the New Zealand watchdog within the last month. In late February, Finance Magnates reported on the activities of the FMA when it warned against the unlicensed activity of Capital Markets Investments Limited and Fidelis International Trading Limited. Neither entity has a license or authorization to provide services in the local jurisdiction. What is more, Fidelis did not repay overseas-based customers their funds.

The Financial Market Authority, New Zealand’s financial markets regulatory body, updated today its list of warnings and alerts. DGM Service Markets Limited is the newest entry under “unregulated business” – the entity allegedly does not have the appropriate licenses to provide trading services in the country.

According to the information that can be found on the dgmfx.com page, the broker’s office is located at: Level 13, Tower 1,205, Queen Street, Auckland Central, New Zealand. DGM claims to be registered as a Financial Service Provider (FSP), the FMA’s opposing view notwithstanding.

As reported by the FMA in a recent official statement on the warning: “We note that DGM Financial Services Limited was deregistered from the Financial Service Providers Register on 7 November 2014 and the company is not registered to provide financial services in New Zealand.”

The FMA also instructs that companies and individuals wishing to provide financial services in New Zealand must be registered on the Financial Service Providers Register (FSPR). DGM Service Markets Limited can be found on the list - the entity was indeed regulated, but the deregistration took place a few months after joining the register.

FMA, New Zealand, Finance Magnates

Source: business.govt.nz

This is another example of guidance published by the New Zealand watchdog within the last month. In late February, Finance Magnates reported on the activities of the FMA when it warned against the unlicensed activity of Capital Markets Investments Limited and Fidelis International Trading Limited. Neither entity has a license or authorization to provide services in the local jurisdiction. What is more, Fidelis did not repay overseas-based customers their funds.

About the Author: Damian Chmiel
Damian Chmiel
  • 1378 Articles
  • 28 Followers
About the Author: Damian Chmiel
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
  • 1378 Articles
  • 28 Followers

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