Court Report: Financial service provider ratbags
Hamish McNicol talks about arm's length dealings with offshore FSPR ratbags. With special feature audio.
Hamish McNicol talks about arm's length dealings with offshore FSPR ratbags. With special feature audio.
The Financial Service Providers Register has been in the spotlight this year, after the Financial Markets Authority told NBR it will “continue to act” on entities that should not be on it.
At the same time, however, it warned investors should be aware registration is not an official approval of a provider and does not necessarily indicate it is licensed or regulated.
NBR stumbled across what seems to be another example of an offshore company looking to set up and register on the FSPR, without any intention of getting a licence, because of this country’s “very fine” reputation for business.
Bancredito Wealth & Trust was advertising for a manager at its new New Zealand division, a company which its local account, Bob Cijffers, says is in its very early stages.
He says he is helping the company apply to be on the Financial Service Providers Register, but it is “not going for a licence or anything, merely registration.”
Mr Cijffers told NBR these are “far more accredited people” than others he has previously dealt with, but after a seemingly shady history of the company was pointed out to him, he thanked NBR, saying “it was always useful to have a bit more background.
He says his company, ABC Accounting Services, treats everybody as being what they say they are and if it “occasionally” does not work out he quickly ends his association.
“There’s enough ratbags already from overseas who operate as FSPs.
“Any other bad things I should know about?”
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