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FMA warning

Friday, February 27th 2015, 10:08AM

The FMA is encouraging people to seek financial advice –not invest in vehicles offering “risk-free” returns.

It is warning people to beware of a company offering a risk-free, high-return investment programme.

The company trades as Eco Investments Group and the FMA warns anyone dealing with them to exercise extreme caution before obtaining any financial services, or acquiring any financial products.

The FMA says that Eco Investments Group is regularly advertising in New Zealand newspapers offering what it says are guaranteed, high-returns for relatively little investment. The FMA has received several complaints about the company.

Eco Investments Group is neither registered nor licensed to provide financial services in New Zealand.

Elaine Campbell, FMA Director Compliance said: “Any company promoting so-called risk free investments should set alarm bells ringing for consumers - especially when they offer exceptionally high returns on investments and a money-back guarantee.  If it sounds too good to be true, then it probably is, and we don’t want consumers to lose money unnecessarily when there are well-regulated products and services available from reputable providers in New Zealand.”

The FMA encourages investors to seek professional financial advice that is personalised for their own circumstances.

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ASB Bank Special - 3.55 3.45 3.89
BNZ - Classic - 3.55 3.45 3.99
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Credit Union Auckland 5.95 - - -
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Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
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Heartland Bank - Online - - - -
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HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
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HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
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Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▼3.39 ▲3.55 3.89
Liberty 5.69 - - -
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Pepper Money Near Prime 5.64 - 5.44 5.44
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Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
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The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
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