The FMA has issued a further warning to investors about a Malaysian-based loyalty scheme, MBI International, also trading as MFC Club (MFC Club).
The FMA warned investors about MFC Club a year ago but has received new reports that the MFC Club is being promoted within New Zealand’s Chinese speaking community.
An FMA spokesperson said: “We understand that MFC Club is being promoted via seminars and presentations where unsubstantiated and/or false and misleading claims have been made, including that MFC Club is an investment and the value of any investment will double each year.
“This scheme is not a regulated product in New Zealand and we suggest that people exercise caution when dealing with MFC Club.”
The FMA noted that Bank Negara Malaysia (BNM) had included MBI International Sdn Bhd and M Face International Sdn Bdn on its Financial Consumer Alert list of companies and websites that are neither authorised or approved under the relevant laws and regulations administered by BNM.