The Financial Markets Authority has issued a Direction Order to Cambrian Corporation Limited because they did not comply with section 19 (1) (b) and section 23 of the Financial Markets Conduct Act. The breaches concerned conduct that was misleading and deceptive in relation to the promotion by Cambrian of the use of a financial service (namely intra-day/spot forex trading) through its marketing materials (including its advertising brochure and website). This included the use of misleading testimonials.
The Order requires Cambrian to, among other things, change its marketing materials – including its website – to ensure they become and remain compliant with the FMC Act; and certify their compliance to the FMA. Cambrian must also provide a copy of the Order to all of its clients, past and present.
The FMA has agreed to an extension of five working days for Cambrian to send a copy of the Direction Order to its clients and make certain certifications to the FMA.
View the media release here.