Morgan DeVere fined $40,000 in first FMA case of company abuse of the FSPR

Morgan DeVere Corporate Finance Limited (Morgan DeVere) has been fined $40,000 following its conviction at the Wellington District Court on two charges of breaching the Financial Services Providers (Registration and Dispute Resolution) Act 2008 (FSP Act).

Morgan DeVere continued to claim it was registered on the Financial Services Providers Register (FSPR) after it had been deregistered and despite subsequent warnings from the Financial Markets Authority (FMA) and the Registrar of the FSPR.

Section 12 of the FSP Act states that no person, including a corporation, can hold out that it is registered under the FSP Act unless it is registered on the FSPR and a member of an approved dispute resolution scheme.

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