Go Financial Services, licensed by the Financial Markets Authority, offers life insurance and mortgage lending advice, as well as meso-finance services for multinational corporation value chains and Filipino communities in Australia and New Zealand. It serves clients, including the Philippine-based Filipino community.
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Licensed by the Financial Markets Authority (FMA)
The Financial Markets Authority (FMA) oversees New Zealand’s market participants, ensuring compliance and promoting investor protection. Go Financial faced criticism for client inquiries. To operate legally, providers must adhere to specific regulations, including registration on the FSPR, disclosure of services, and appointment of a compliance manager. Additionally, they must join a dispute resolution scheme. The FMA rigorously enforces licensing and compliance, imposing penalties as necessary. Furthermore, providers are obliged to adhere to the Financial Markets Conduct Act 2013, involving tasks such as filing returns, conducting audits, and engaging in dispute resolution. These activities are subject to regular inspections by the FMA.
Licensed by the Insurance Conduct Authority (ICA)
GO Financial Solutions Ltd, a Christchurch-based financial advice provider, primarily serves the Filipino community, offering health, life, and mortgage lending advice. Regulated by the FMA and holding an AFSL, they faced censure for inadequate record-keeping related to financial advice provision. Additionally, they were accused of insufficient inquiries and consideration of medical circumstances in advising clients on insurance purchases. The BBB resolved 60 complaints against GO in three years, including billing, collections, and credit reporting issues, along with challenges obtaining vehicle titles.
Licensed by the Financial Services Ombudsman (FSO)
The Isle of Man Financial Services Ombudsman (FSO) offers impartial dispute resolution for dissatisfied customers. It mediates between parties, aiming for fair solutions. Complaints must be responded to within 30 days. FSO’s funding comes from levies paid by financial firms. If dissatisfied with Go Finance, filing a complaint to the Ombudsman is an option. Go Financial has received numerous consumer complaints, including billing and credit reporting issues. FSO also advocates for consumers in court cases, represented by experienced legal professionals. In 2016, Go Financial Solutions was censured by the Financial Markets Authority for failing to comply with licensing regulations, including inadequate advice and record-keeping.
Licensed by the Financial Services Providers (FSP)
Individuals and companies in New Zealand offering financial services must obtain an FSP license from the Financial Markets Authority (FMA) to operate legally. FMA enforces compliance and investigates complaints against providers. Financial services include lending, investing, trading, and advice on investment products. Those within the scope of AML/CFT regulations must register as an FSP and join a dispute resolution scheme (DRS) if providing advice. Go Financial Solutions faced FMA action for breaching licensing requirements, necessitating an action plan monitored by FMA. Before applying for an FSP license, plan your business operations and understand applicable fees. Apply online through RealMe services, with some information auto-filled if previously registered with Companies Office. Access tools for regulatory compliance monitoring and customer management through your dashboard post-registration. Note, not all financial service providers require an FSP license, but regulated advice and consumer credit providers must register to avoid potential penalties.
