New Zealand's FMA Flags magnaumbrellafund.org
The New Zealand's Financial Markets Authority (FMA) today published a warning on its website against magnaumbrellafund.org.
According to the regulator, the firm is using or giving the following details:
Website: http://magnaumbrellafund.org
Email: info@magnaumbrella.org
Phone: +353 16917794, +6531591495
As detailed in the notice, the regulatory body said that the suspicious entity could be involved in a scam.
Before this announcement, UK regulator Financial Conduct Authority (FCA) issued a warning about http://magnaumbrellafund.org advising the general public that it is a clone of a FCA authorised firm Magna Umreblla Fund Plc.
As Fazzaco reported earlier, FMA has released a set of guidelines on how firms should be advertising financial products. The FMA expects firms to ensure “click through” ads don’t create a misleading impression, the messaging in both the initial ad and landing page must be consistent, and all required disclosures should be well displayed on the landing page.
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