FMA Flags Two Unregulated Firms Operating in New Zealand

The Financial Markets Authority (FMA) in New Zealand has flagged two unregulated firms that have been attempting to offer financial products to residents of the country. According to the warnings, Oak Harbour Limited and Caledonia Investment Company Limited both have the characteristics of a scam.

Oak Harbour Limited

Oak Harbour Limited is an alleged boutique broker, based in Hong Kong. According to the warning, the broker has been withholding client funds in New Zealand. Furthermore, the regulator states the company is not authorized to provide financial products in the country.

The broker operates through its website www.oakharbourlimited.com. It claims to be based at 101 Hennessy Rd, Wan Chai, Hong Kong. The watchdog warns that Oak Harbour Limited has the characteristics of a scam.

The FMA is not the first regulator to blacklist this broker. Last year, the Australian Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term) also published a warning against the firm. According to the statement, the broker was also making unsolicited calls or sending emails about investing, financial advice, credit or loans without having an Australian Financial Services (AFS) license or an Australian Credit license from ASIC.

Caledonia Investment Company Limited

Caledonia Investment Company Limited is the second company to be flagged by the New Zealand regulator. In the warning, it not only flags the company but lists the following associated individuals - Mark Peterson, Peter Baker, and James Wright.

Caledonia Investment is also based in Hong Kong. On its website (https://www.caledoniainvestcompltd.com/) the firm claims to offer wealth and asset, portfolio and tax management services. It also allegedly helps its clients with estate planning. The company has listed its address as 42 Des Voeux Road Central, Wan Chai, Hong Kong.

The watchdog has warned that Caledonia Investment has been providing financial services in New Zealand without a license and it has been withholding client funds. The regulator warns that the broker has the characteristics of a scam

Again, the FMA is again not the first regulator to warn consumers about this firm. The Securities and Futures Commission (SFC) of Hong Kong also published a warning against Caledonia Investment Company Limited. Earlier this year, the regulator warned that the company is unlicensed in Hong Kong and was targeting residents in the country.