The Financial Markets Authority (FMA) of New Zealand has cancelled Stockfox Limited’s Financial Advice Provider (FAP) licence with effect from 30 May 2024.
The FMA is satisfied that Stockfox no longer meets key requirements for a market services licence under the Financial Markets Conduct Act (FMC Act) because:
- David McEwen, as Stockfox’s sole director and its only financial adviser, is not a fit and proper person;
- Stockfox is not capable of effectively performing a financial service;
- Stockfox is likely to breach its market services licensee obligations.
The FMA issued Mr McEwen, and entities associated with him, a permanent…
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