16 March, AtoZForex, Lagos – The Financial Markets Authority of New Zealand (FMA) has warned the public against dealing with the broker Suisse Limited, which operates as ECN Markets. It was discovered that the broker has been targeting New Zealand clients without the requisite license. Henceforth, the FMA warning on ECN Markets was issued.
ECN markets misleading information
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. This is the exact case with ECN markets. Based on complaints and discoveries about the firm, the New Zealand regulators have clarified that:
"The FMA has received two complaints about ECN Markets from overseas-based residents. They complained that there is misleading information on ECN Markets website about the extent to which ECN Markets is regulated in New Zealand. ECN Markets is not registered to provide financial services in New Zealand."
The firm operates with the following details:
Name of company: Suisse Limited trading as ECN Markets
Address: #25 Mason Complex, Stoney Ground Road, The Valley, PO Box 193, Anguilla
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.
Besides the FMA warning on ECN Markets, other firms which have also been recently warned by the New Zealand Financial Markets Authority (FMA) include: the Unregulated DGMFX, Forex broker TigerWit false claims, as well as warnings on NoaFX & CMI Group. Hence, investors are therefore urged to be wary of dealings with such unregulated.
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