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’ strong demand, the investigation team were going to visit BMFN in this episode.

Building Survey

According to the regulatory information, the company address of BMFN is L34 Shortland St, Level 17, Auckland, 1010, New Zealand. The investigation staff visited the spot.

Exclusive

Guided by navigation, the investigation staff found the office building smoothly. Afterward the investigation staff entered the lobby and learned from the floor guide that it was another company operating on the 17th floor rather than BMFN.

Then the investigation staff took the elevator to the 17th floor and found two office areas, one of which was allocated to a company named Fusion5, whereas another was empty.

Survey Conclusion

It is ascertained by the investigation staff that the address of BMFN is inconsistent with that from the regulatory information. Notwithstanding the broker’s FCA EEA licence, it simultaneously overruns the business scope regulated by FSPR and ASIC. In light of the situation.