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Warning: Be wary of using portfolio services provided by Ajay Kumar Vallabhaneni

The Financial Markets Authority (FMA) warns potential investors not to use portfolio or other financial advice services provided by Ajay Kumar Vallabhaneni (also known as Ajay Kumar), a former Authorised Financial Adviser.

Mr Vallabhaneni is no longer authorised to provide financial adviser services. FMA believes that Mr Vallabhaneni is currently residing overseas, but has New Zealand connections and may return to New Zealand and purport to provide portfolio or other financial advice services.

FMA has concerns that Mr Vallabhaneni declined to repay the value of an investor's portfolio when requested.

If you are approached by Mr Vallabhaneni to use portfolio services, FMA would like to hear from you. Please contact our helpline on 0800 434 567.