Following a number of complaints from overseas-based clients, New Zealand’s Financial Markets Authority (FMA) today issued a warning about Fidelis International Trading Limited, saying that it has not obtained registration to provide financial services with the regulator.
The FMA said it received complaints from international customers of Fidelis International Trading Limited about the company’s failure to repay them in accordance with their withdrawal requests.
The FMA referenced its Financial Services Providers Register (FSPR) where it said Fidelis International Trading Limited (and referencing the url fidelisinternationaltrading.com/en) was not listed as a registered provider, and how that means they are not permitted to offer their services in or from New Zealand.
The contact information on the website lists a global office in Wellington, among other locations in Asia, Europe, and the Americas. Finance Magnates reporters attempted to call the company but the phone number is currently out of service. Its Wellington office is listed as:
Address: A82 Symonds St, Auckland Central, Auckland 1010, New Zealand
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The FMA strongly suggested to clients not to invest money with any such businesses or individuals, and added Fidelis International Trading Limited to its list of prior warnings.
Potential clone not to be confused with CySec authorized company
The name ‘Fidelis International Trading Limited’ should not be confused with the CySec regulated Cypriot Investment Firm (CIF) SN Financials Ltd, which operates the similar sounding brand – Fidelis Capital Markets (FCMForex.com) offering.
The chief difference being that Fidelis Capital Markets is not only a different business and maintains regulation with CySec, it is also permitted to carry out business in New Zealand as a cross border service outside of the EU with permission from CySec. This is despite the fact that it de-registered its New Zealand registration as mentioned in prior Finance Magnates coverage at the time.
Clones are becoming increasingly common. Often unregulated operations and scams appear either as clones of another legitimate business or semi-clones of part of a legitimate business’ names (i.e. in an attempt to piggy-back their brand). This is an effort to appear credible, or in the case of a pure clone, to deceive customers.
While direct clones are blatant crimes, grabbing a keyword phrase of a popular brand or topic is more subtle and not always a bad thing. Thus proper due diligence is required for clients to check on companies – and not just rely on a fancy sounding name.