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The Financial Markets Authority (FMA) is the New Zealand government agency responsible for enforcing securities, financial reporting and company law as they apply to financial services and securities markets. We also regulate securities exchanges, financial advisers and brokers, auditors, trustees and issuers - including issuers of KiwiSaver and superannuation schemes.
New Zealand is a country with a strong economy and legal regulations. Opening a forex brokerage company in New Zealand requires large funds and clear legality. All forex brokers operating in this English common law user countries must be registered in Financial Markets Authority (FMA) regulator.
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1. Safety of Client Funds：
Derivatives issuer must ensure derivatives investor money and property held on trust for investor.
2. Requirement on Forex Brokers' Reports：
Transaction Reports; Annual Financial Statements (audited); Anti-money laundering Reports; Net Capital Report.
Generally speaking, NZ FMA-regulated broker profile will be found at the Financial Services Providers Register page on NZ FSPR website. Try to find it and check if it will match the info from the broker website.
The detailed steps are as below:
1. Find the licensed/reference no.(preferred) or name of the forex broker, which you can get from the broker's website;
2. Enter the reference no. or name into the search bar on https://fsp-register.companiesoffice.govt.nz/ ;
If you can't find the broker's profile on NZ FSPR wesbite, it's probably an unauthorised broker and please keep away of it.
3. And you'll get the broker's contents on NZ FSPR website. At this time you need to check the broker's 'Authorisation Status' is 'Licensed' under the 'Derivatives issuer' of 'Financial services' ;
4. If all the steps above have been done, don't forget to check the most important information: check if the firm details published on NZ FSPR website matches the ones you'll go to trade with, especially the website and email etc.
If no, please keep away the broker because it's probably an unauthorized firm and your money will fall in danger.
When you have disputes with a NZ FMA-regulated broker, you can proceed the following ways:
1st way: The recommended way is to contact the broker directly and discuss with them to find a solution.
Make a complaint to FMA: email@example.com
Make a complaint to FSCL via email: firstname.lastname@example.org or online: http://www.fscl.org.nz/complaints/complaint-form
If you make a complaint to FSCL, please check the broker is in the FSCL list of participants, otherwise FSCL may not help to solve the dispute.
3rd way: If the 2 ways above can't solve the dispute, the last way is to issue a case to the court in New Zealand.
FX trading is of high risk and may not be suitable for all investors. Leverage will create additional risks and loss. Before trading, please carefully consider your investment objectives, experience level and risk tolerance. You may lose part or all of your initial investment; do not invest money that you cannot afford. Educate yourself about the risks associated with FX trading. If you have any questions, please consult an independent financial or tax advisor. Any data and information are provided "as is" and only for information purpose, not for trading or recommendations. Past performance does not predict future results.
The data contained in this website may not be real-time and accurate. The data and prices on this site are not necessarily provided by the market or exchange, but may be provided by market makers, so prices may be inaccurate and differ from actual market prices. Namely, this price is indicative price only to reflect market trend, and is unfavorable for trading purpose. The provider of the data contained in the Website shall not be liable for any loss incurred by you as a result of your trading activities or reliance on the information contained in the Website.