The Financial Markets Authority (FMA) has ordered Forex educator Cambrian to remove website material after it was deemed misleading.
The New Zealand FMA issued the order to Cambrian Corporation Limited to remove and revise marketing materials on its website which contain deceptive and misleading conduct. The FMA identified two breached provisions of the Financial Markets Conduct Act, in connection with services and advice relating to foreign exchange trading.
The regulator cited statements on Camrian’s website lacked basis and were unsubstantiated to the degree that they were considered misleading, prompting an FMA order. Cambrian must now provide a copy of the order from the FMA to all past and present clients as well as making the required changes to the said material and re certifying compliance measures under the FMC Act.
The FMA have granted Cambrian five days to inform all clients and make the required revisions.