Survey Reason

Recently many investors called the inspection team hoping we could disclose more New Zealand brokers with fake addresses. In order to meet investors’ demand, the investigation team were going to visit Velocity in this episode.

Building Survey

According to the regulatory information, the company address of Velocity is Level 3, 41 Shortland Street Auckland. The investigation staff visited the spot.

Exclusive

The investigation staff found the AIG building on the regulation information smoothly. The renovated building looked good.

Afterwards the investigation staff took the elevator to the 3rd floor. The names on the wall indicated there were 3 companies on this level and the broker’s name was not included. To ensure the investigation is authentic, the investigation staff inquired of the receptionist from one of the companies whether Velocity operated in the building but the staff was ignorant of the broker.

Survey Conclusion

It is ascertained by the investigation staff that the address of Velocity is inconsistent with that from the regulatory information. The broker overruns the business scope regulated by New Zealand FSPR licence(No.20003), ASIC Financial Advisor licence(No.329813) and FCA Financial Advisor licence(No.497263).