FMA Warns Against DGM Service Markets Limited

The foreign exchange brokerage offering its services via the website came under the watchful eye of the local market

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 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.

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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

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.

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