FMA warning on FXUM


19 November, AtoZForex.com, Lagos – In carrying out its responsibility as the foremost financial markets regulator in New Zealand, the Financial Markets Authority (FMA) has again updated its warning list.

All businesses or individuals who offer financial products or services in the region are meant to be registered on the Financial Service Providers Register (FSPR). However, some firms have failed to follow this mandate, and are still offering their financial services in New Zealand.

United markets limited (FXUM) warning

The latest firm to be included on the warning list is United markets limited (FXUM). The regulator has stated that it is concerned that Union Markets Limited is claiming to be registered on the Financial Services Providers Register (FSPR) when this is not the case.

The firm expressly states on its website that it is regulated by the New Zealand financial authorities. It is also obvious that this firm targets Chinese clients as well, considering the fact that its website also has a version in Chinese language.

FXUM joins the likes of bgfx.com (the site is now inactive) on the FMA warning list. This firm also falsely and deceptively claims to be registered by the New Zealand financial authorities.

Options Rider warning

Besides the FMA warning on FXUM, back in October, Options Rider was also discovered to be utilizing deceptive means in a bid to convince unsuspecting individuals to commit funds to the firm. The binary options firm describes itself as “a world’s market leader in in the market.” Promising predetermined payouts ranging from 70%-90%. These claims are suspicious, which prompted the FMA warning against Options Rider.

The regulator expressed concern that Options Rider claims to be regulated by the New Zealand Securities and Exchange Commission. First off, it is worthy of note that there is no such regulator like the New Zealand Securities and Exchange Commission existing. Secondly, Options Rider is not regulated by the financial service provider in New Zealand.

Hence, the FMA strongly recommends that you do not invest money through any of these businesses/individuals. The public is advised to take serious caution when committing funds to firms, and should check for the validity of any firms before committing funds.

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