The Financial Markets Authority (FMA) has just issued a warning against a company called MBI International and/or MFC Club.
Reason for warning:
The FMA informed that it is concerned that a Malaysian based loyalty scheme, MBI International also trading as MFC Club (MFC Club) is being promoted in New Zealand. The regulator has received reports that MFC Club is being actively promoted within the Chinese speaking community in Auckland.
MFC Club is being promoted via seminars and presentations and have had reports of statements being made about MFC Club that may be either unsubstantiated and/or false and misleading, including that MFC Club is an investment and the value of any investment will double each year. The FMA noted that the scheme is not a regulated product in New Zealand and suggest that people exercise caution when dealing with MFC Club.
The regulator also noted that Bank Negara Malaysia (BNM) has included MBI International Sdn Bhd and M Face International Sdn Bdn on its Financial Consumer Alert list, which consists of companies and websites that are neither authorised or approved under the relevant laws and regulations administered by BNM.
The official warning can be seen here.