The Financial Markets Authority (FMA) has issued a Stop Order against Syndicated Trusts Limited (STL), ordering the company to stop advertising or accepting money for financial products. The FMA warns New Zealanders to be wary of dealing with the company.
The Stop Order was issued because STL contravened several aspects of the Financial Markets Conduct Act. The advertisements either failed to make it clear that STL was only seeking preliminary interest for the offer or STL failed to prepare and lodge a product disclosure statement with the Registrar before making the advertisements.
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