New Zealand Registered Forex Brokers
- 1 FMA(Financial Markets Authority) is the primary regulator for brokers in New Zealand.
- 2 FSCL(Financial Service Complaints LTD) is approved by the Minister of Consumer Affairs of New Zealand to operate as an external dispute resolution scheme in the financial services industry in New Zealand.
- FSCL resolves complaints between consumers and it’s scheme participants.It is an alternative to legal proceedings for resolving financial services disputes.
- FSCL is not government-funded. It does not regulate the financial services industry or discipline scheme participants.
- 3 FSPR(Financial Service Providers Register) is a searchable online register of the people, businesses, and organisations that offer financial services in New Zealand.
- Registration is mandatory.All New Zealand Brokers must register with FSPR (Financial Service Providers Register)
- Search the register: https://www.companiesoffice.govt.nz/fsp/
- Purpose of FSPR (Financial Service Providers Register)
- Increase the level of transparency of public information. Enable the public and regulators to access information about financial service providers
- Prohibit certain people from providing financial services (such as those with specific criminal convictions).
- Prevent money laundering and the financing of terrorism;
- Registration as a financial service provider is not an official approval of an individual, business, or organisation and does not necessarily indicate that the provider is licensed or regulated in New Zealand or any other country. This means some FSPR registered brokers are actually not regulated anywhere.
- Most financial service providers (FSPs) who provide a service to retail clients must belong to an approved Dispute Resolution Scheme (DRS) under section 48 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSPA).