The Financial Markets Authority (FMA) has ordered a foreign exchange educator to change its marketing materials on the basis that they were misleading or deceptive, and it had made unsubstantiated statements about its services.
Cambrian Corporation Limited (Cambrian) offers training and advice services relating to intra-day foreign exchange trading. In the FMA’s view, Cambrian breached two provisions of the Financial Markets Conduct Act (FMC Act), and so the FMA has issued a Direction Order (Order).
The Direction Order requires Cambrian to, among other things, change its marketing materials – including its website – to ensure they become and remain compliant with the FMC Act; and certify their compliance to the FMA. Cambrian must also provide a copy of the Order to all of its clients, past and present.
The FMA has agreed to an extension of five working days for Cambrian to send a copy of the Direction Order to its clients and make certain certifications to the FMA.
See media release.