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Speed Solutions Limited Makes its Way to the Warning List of Financial Markets Authority

FMA adds Speed Solutions Limited to its warning list after suspecting it of being involved in scamming and fraudulent activities

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The New Zealand Based Regulating Authority, FMA has added Speed Solutions to its warning list after finding it unregistered in New Zealand as well as the relevant registry of New Zealand’s Financial Services Providers.

The Financial Markets Authority has added Speed Solutions Limited to its warning list, as it suspects the latter of being involved in scamming activities.

According to the claims made by New Zealand based regulating agency, Speed Solutions Limited, which trades under the name of ‘Arotrade’, is not registered in the country and is neither enlisted in the register of New Zealand Financial Service Providers.

FMA has further informed that Speed Solutions’ name is also added in the warning list of Monetary Authority Singapore (MAS).

According to the website of Arotrade Limited, the company is licensed and authorized by the IFSC (International Financial Services Commission) under authorization number IFSC/60/391/TS/19.

The company also claims to have a strong reputation for ‘financial competence, integrity and honesty’, which is very unlike and contrary to the assertions made by FMA.

Further details of the company include an office at Belize City, Belize, as well as multiple email addresses relating to customer support, information and compliance.

The website also provides extensive information and guidance regarding trading platforms, product offering, and trader tools of Arotrade.

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