Inspection Reason

The inspection team continued its field survey campaign as part of its efforts in inspecting the forex brokerage industry through finding out those black sheep that do not act honestly. For this session,the inspection team came to New Zealand to visit a broker named ACH. 

Office

According to its regulation details, the New Zealand broker ACH has its head office at Suite 1, Level 2, 20 Northcroft Street, Takapuna Auckland.The survey staff went there for field investigation. 

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According to the address, the surveyors found the office building without much difficulty. The two-story office building is located in a small business area on Auckland’s north shore. When the surveyors got in the building, they found that the directory sign on the ground floor which should include every company based here did not have the ACH’s name on it. Then the surveyors climbed stairs to the Second Floor, which is supposed to be the exact position of the company as the address indicated, and found that ACH’s name was not among a cluster of company nameplates either.   

The surveyors found that there were five small offices on Second Floor. They asked staff in two of the offices if they had heard of ACH, getting negative answers. The surveyors noticed that four of the offices had company logos on their doors. If the address was right, then the office without the logo presumably belonged to ACH. But when the surveyors asked the employees in this office if they were working for ACH, they said they had never heard of it.

Conclusion

A field survey according to the address it provided did not found ACH’s office in New Zealand. The company claims to be holding a Financial Services Provider license (No. 396506) issued by FSPR. However, registration with FSPR and being listed as a Financial Services Provider in no way means it is a legit forex broker under New Zealand regulation.