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Screenshot of a breaking news alert e-mail from Q2 2017
There is a new deregistration notice published on the website of New Zealand’s Financial Service Providers Register (FSPR) today, with the list including the names of businesses and individuals removed from the register in December 2015 and January 2016.
A total of 226 firms and individuals got removed from the register in December and January, a pretty high number for a couple of months. December saw 90 removals, whereas January saw 136 removals. This compares with 66 businesses and individuals deregistered in November 2015.
All of these businesses and individuals were struck off in line with section 18(1) of the Financial Service Providers (Registration and Dispute Resolution) Act 2008, which says:
Deregistration of financial service provider
(1) The Registrar must deregister a financial service provider after a notice period in accordance with sections 19 and 20, if the Registrar is satisfied that the provider—
(a) is no longer qualified to be registered in accordance with section 13; or
(aa) has failed to notify the Registrar of the name, business address, and membership number, as required by section 16(1)(ab); or
(b) is not in the business of providing a financial service (at any time after the expiry of 3 months after registration); or
(c) has been registered because of a false or misleading representation or omission; or
(d) has proffered an application fee or annual confirmation fee or levy that has subsequently been dishonoured, declined, or reversed.”
Some of the names on the list could be familiar to LeapRate’s readers. For instance, earlier this week, New Zealand’s Financial Markets Authority (FMA) warned regarding Capital Market Investments Limited, operating as NoaFX and CMI Group. The company was deregistered in January 2016.
You can view the latest FSP deregistration notice by clicking here.
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