New Zealand’s FMA Blacklists FX brokers FernFx and OlympusMarkets

August 6, 2019 at 08:53 PM

The Financial Markets Authority (FMA) of New Zealand, the government agency responsible for financial regulation, have issued warnings against FernFx and OlympusMarkets brokers. The regulator states the companies are not registered as New Zealand Financial Service Providers or licensed to provide derivatives products to New Zealand retail investors.

The Financial Markets Authority (FMA) plays a critical role in regulating capital markets and financial services in New Zealand. It is the New Zealand government agency responsible for enforcing securities, financial reporting, and company law as they apply to financial services and securities markets.

Fern is a forex broker, operated by FERN GROUP NZ LIMITED and claims to be a registered Financial Service Provider in New Zealand. However, it is actually not authorized there and has been using the name of the FMA regulated broker, not associated with Fern. Clone firms use some or all of the details of a genuine entity, aiming to convince investors they are indeed the authorized company or that they work with them.

Another blacklisted broker, OlympusMarkets is simply an offshore company, registered in Vanuatu. Which means it is an offshore entity and there is a high risk for the customers when dealing with this firm.  

We always advise traders to avoid dealing with unregulated offshore-based forex brokers like Fern and OlympusMarkets, as most of them are involved in investment scams. There are a number of properly licensed brokers to choose from, like the ones regulated by the Financial Conduct Authority or the Australian Securities and Investment Commission. You can read our review on Fern and OlympusMarkets here.

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