FMA warns investors to stay away from two financial firms

The FMA is warning investors to stay away from Fidelis International Trading and Capital Market Investments.

New Zealand's market watchdog says investors should keep clear of two financial service providers that are not registered in this country.

The Financial Markets Authority says it has received complaints from overseas customers of Fidelis International Trading, who say the business have failed to repay them in accordance with their instructions.

Fidelis is not registered to provide financial services in New Zealand according to the FMA - which yesterday added it to the list of business that it "strongly recommends" people do not invest money in.

Another company the FMA added to the list today is Capital Market Investments, which the regulator said was claiming New Zealand registration and that it was a member of a disputes resolution scheme.

"In fact it is neither," the FMA said.

"The company is not operating under the strict licensing and regulation requirements of New Zealand, as claimed."

Companies Office records say both of these companies have an address in Auckland.

Fidelis is directed by Greenhithe man Artem Gumbatov while Capital Market Investments is directed by Wellington's Bob Cijffers and Singapore's Abdul Rasheed.