What regulations exist for Foreign Exchange in Australia and New Zealand?
Unfortunately when it comes to transacting foreign exchange, New Zealand’s present regulatory environment has not addressed the issue of protecting retail customers. Australia’s regulatory environment however is much more sophisticated and leads the way in consumer protection.
In keeping with Australian regulation both HiFX NZ Ltd and HiFX Australia Pty Ltd, have acquired Australian Financial Services Licences (AFSL) and are regulated by the Australian Securities and Investments Commission (ASIC).
ASIC is responsible for enforcing and regulating company and financial services laws to protect consumers, investors and creditors. ASIC regulates the financial markets and corporations within Australia. This provides our clients with the added security that there are strict guidelines and regulations in place to protect their interests
Our registration and licence details are:
HiFX NZ Ltd: ARBN: 106 779 953
AFS Licence No: 240914
HiFX Australia Pty Ltd. ABN: 78 105 106 045
AFS Licence No: 240917
HiFX is authorised by its licence to offer financial product advice in the following financial products:
- Deposit and payment products limited to basic deposit products
- Derivatives
- Foreign exchange contracts
- Interests in managed investment schemes excluding investor directed portfolio services
and to deal and make a market in the following financial products:
- Derivatives
- Foreign exchange contracts
HiFX is required, under its licence, to have an independent auditor (Deloittes) confirm that it has complied with its licence obligations, be it financial or otherwise.