A company on the verge of extinction has been fined $40,000 for pretending to be a registered New Zealand financial services provider. Any New Zealand company or person that wanted to provide financial services here or overseas must be on the Financial Service Providers register. In 2014 the FMA was given powers to remove companies from the Financial Services Providers Register, and March 2017 it deregistered Morgan DeVere. Moorby had little direct experience of the financial services world, said Wellington District Court judge CJ Thompson said in April. Claiming they're registered on our FSPR when they're not misleads consumers and implies a cloak of respectability they're not entitled to."

Source: Stuff June 06, 2019 03:00 UTC