New Zealand's FMA Warns Against Bloom Wealth

The New Zealand's Financial Markets Authority (FMA) today published a warning on its website against Bloom Wealth.

According to the regulator, the firm is using or giving the following details:

• Website: www.bloom-wealth.com

• Email: admin@bloom-wealth.com, account@bloom-wealth.com

• ​Telephone: +64 2109 194 417

As detailed in the notice, the regulatory body said that the suspicious entity may be operating a scam. 

As seen on its website, the entity falsely claims that it is associated with Bloom Management Limited, an incorporated company in New Zealand. However, the website is using the New Zealand company’s details without permission.

FMA highlighted that the entity is not registered or licensed to provide financial services/products in New Zealand. It recommends exercising caution when dealing with this entity.

As Fazzaco reported earlier, FMA has set target dates​ by when all transitional financial advice providers (FAP) should apply for their full licenses. Specifically, for Class 1 or Class 2, and Class 3 full licence applicants, the target dates are 30 September 2022 and 30 June 2022, respectively.