Scam Alert: New Zealand’s FMA adds another broker to its warning list

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New Zealand’s Financial Markets Authority (FMA) warning

New Zealand’s Financial Markets Authority (FMA), maintains a list entitled “Businesses to be wary of”, in the framework of its mandate and commitment to protect investors “from businesses who are (or have been) registered on the Financial Service Providers Register (FSPR) but are the subject of complaints about loss of investor funds, or other serious misconduct that suggests customers may lose money.”

The standard procedure followed by the FMA when it receives a complaint about a business or individual registered on the FSPR, is to ask for an explanation from the entity or person in question and expect a response.

If no response is received or if the response provided is deemed not to be satisfactory and adequate, especially with regards to providing enough information about a specific complaint, then the FMA adds the name of the entity on the “Businesses to be wary of” list and strongly urges consumers not to invest their money through any of these businesses/individuals.

The latest addition to the said list that has just been announced is TigerWit Prime Limited, which offers various offering trading services via its website  www.tigerwit.com. On its website the company claims to have an address in New Zealand and to be a registered financial services provider.

 However, through the relevant announcement and through its inclusion on the regulator’s caution list, the FMA points out that TigerWit’s claims regarding its authorization in New Zealand are not true. The New Zealand watchdog also says that TigerWit is further misleading clients by claiming that their funds are safe as a result of such supervision.

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