New Zealand’s FMA Flags Suspected Clone Broker Fern Group NZ
- The regulator states the entity is not associated with the New Zealand registered company Fern Group NZ Limited.
Sometimes it feels like the number of scams in the foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term), and cryptocurrency industries is never-ending. This Wednesday, the Financial Markets Authority (FMA) of New Zealand, the government agency responsible for financial Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, has posted another warning on its website.
Today, the New Zealand regulator has flagged the website www.fuerfx.com, which it suspects might be operating a scam. On the website, the entity says the company name is FERN GROUP NZ LIMITED. The website is available both in English and in Chinese.
“We are concerned that www.fuerfx.com may be operating a scam. The website www.fuerfx.com is not associated with nor authorised by the New Zealand registered company Fern Group NZ Limited,” the watchdog said in the warning.
On the website, Fern claims to be a “global, fair and honest, people-oriented broker.” It alleges that it is headquartered in New Zealand and facilitates forex and contracts-for-difference (CFD) trading to global financial institutions, corporations, and individuals.
“FERN GROUP NZ LIMITED is a global foreign exchange investment and industry solutions provider based in New Zealand and regulated by the New Zealand regulator FSP (FINANCIAL SERVICE PROVIDER),” the website states. This statement is at odds with the FMA’s warning.
FX and crypto scams are on the rise
Scams within the financial industry, particularly in the FX and crypto sector, are on the rise. Only last week, the FMA flagged another entity which it deemed as suspicious - King Capital Management, an entity that claims to be a full-service financial brokerage company based in Jakarta, Indonesia.
As Finance Magnates reported, earlier this year, the Financial Conduct Authority (FCA) revealed that Brits lost approximately £27 million ($33.6 million) to FX and cryptocurrency-related scams in the 2018/2019 fiscal year.
According to the British regulator, authorities received 1,834 scam reports last year. That was almost a four-fold increase on the prior twelve-month period.
Sometimes it feels like the number of scams in the foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term), and cryptocurrency industries is never-ending. This Wednesday, the Financial Markets Authority (FMA) of New Zealand, the government agency responsible for financial Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, has posted another warning on its website.
Today, the New Zealand regulator has flagged the website www.fuerfx.com, which it suspects might be operating a scam. On the website, the entity says the company name is FERN GROUP NZ LIMITED. The website is available both in English and in Chinese.
“We are concerned that www.fuerfx.com may be operating a scam. The website www.fuerfx.com is not associated with nor authorised by the New Zealand registered company Fern Group NZ Limited,” the watchdog said in the warning.
On the website, Fern claims to be a “global, fair and honest, people-oriented broker.” It alleges that it is headquartered in New Zealand and facilitates forex and contracts-for-difference (CFD) trading to global financial institutions, corporations, and individuals.
“FERN GROUP NZ LIMITED is a global foreign exchange investment and industry solutions provider based in New Zealand and regulated by the New Zealand regulator FSP (FINANCIAL SERVICE PROVIDER),” the website states. This statement is at odds with the FMA’s warning.
FX and crypto scams are on the rise
Scams within the financial industry, particularly in the FX and crypto sector, are on the rise. Only last week, the FMA flagged another entity which it deemed as suspicious - King Capital Management, an entity that claims to be a full-service financial brokerage company based in Jakarta, Indonesia.
As Finance Magnates reported, earlier this year, the Financial Conduct Authority (FCA) revealed that Brits lost approximately £27 million ($33.6 million) to FX and cryptocurrency-related scams in the 2018/2019 fiscal year.
According to the British regulator, authorities received 1,834 scam reports last year. That was almost a four-fold increase on the prior twelve-month period.