FMA reveals Forex broker TigerWit false claims


3 March AtoZForex.com, Lagos – New Zealand’s Financial Market Authority (FMA) has again warned the public against dealing with a firm, which has been targeting New Zealand clients without the requisite license or authorization to do so from the relevant authorities. The latest firm to join the FMA warning list is TigerWit Prime Limited, as the FMA reveals Forex broker TigerWit false claims.

In line with the regulator’s responsibility to protect investors from seemingly dubious business operations, the FMA always issues public warnings against firms which are out rightly unregulated. Or those who are actually registered on the Financial Service Providers Register (FSPR), but yet are still subject of complaints about loss of investor funds, or other serious misconduct that suggests customers may lose money.

In the case of TigerWit Prime Limited, the Forex broker operates via the following details:

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Website: www.tigerwit.com

Address: Unit 15, 33 Apollo Drive, Albany, Auckland 0632, New Zealand

However, the FMA has clearly stated that: “TigerWit Prime Limited is falsely claiming on its website to be licensed, supervised and independently audited by New Zealand government agencies.  The company is also falsely claiming that funds are safe and secure as a result of supervision.”

BelforFx warning

Aside the FMA reveals Forex broker TigerWit false claims, the New Zealand financial watchdog also recently warned the public about the firm WGM Group Limited (formerly Belfor Capital Limited) trading as BelforFx. This firm uses the following details:

Website: www.belforfx.com

Address: Level 27, 188 Quay Street, Auckland 1010, New Zealand

The Financial Market Authority stated that it “has received complaints from overseas-based clients of BelforFx about BelforFx’s failure to repay clients in accordance with their instructions.  We note that the company has been deregistered from the Financial Service Providers Register and is not registered to provide financial services in New Zealand.”

The FMA has therefore urged the public to desist from patronizing such firms. The FMA further stated that they “will not be able to help you to recover your money. If you are having difficulty accessing your funds you will need to contact the relevant dispute resolution scheme.” Hence, dealing with firms that are not registered with the relevant authorities will mean the very little help can be rendered to the business/individual to resolve any dispute.

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