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FMA investigates foreign exchange firm

NZ NewswireNZ Newswire 3/06/2016 Paul McBeth

The Financial Markets Authority is continuing its clamp down on foreign exchange firms, launching an investigation into Morgan Cooper Ltd and Rodney McCall over potentially breaching market legislation.

The market watchdog received a complaint about Morgan Cooper, which claims to offer foreign exchange programmes, and encourages anyone who has been contacted by McCall, who's also known as Rodney Crichton, to contact the FMA, it said in a statement.

Morgan Cooper was incorporated in September last year and lists Auckland-based Vanessa Crichton as its sole shareholder and director.

The market watchdog has been cracking down on foreign exchange firms, some of which have been kicked off the Financial Services Provider Register for not providing local services.

Last month it ordered FX education firm Cambrian Corp to change the way it markets itself, while last year it started investigating FX firm Arena Capital over fears investor funds were at risk.

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