New Zealand’s Financial Markets Authority (FMA) issued two separate warnings in November 2019 involving AG Markets and the Profitix group. The notices remain in the FMA’s online archive.
The warnings did not declare the businesses to be scams, nor did they establish that client money had been stolen. They raised specific concerns about registration, representations about regulation and approaches to New Zealand residents.
What the FMA warned about
The FMA’s notices concern two different cases:
| Business or group | FMA warning date | Main concern |
|---|---|---|
| Advanced Global Markets Limited, trading as AG Markets | 18 November 2019 | Its website allegedly claimed that it was registered on New Zealand’s Financial Service Providers Register (FSPR) when it was not. |
| Profitix, Enigma GRC Limited and True Capital Pro | 15 November 2019 | The entities were not listed on the FSPR, were not incorporated in New Zealand and had contacted New Zealand residents with investment offers. |
These were separate FMA warnings, rather than one joint warning against two brokers. The wording of each notice matters because the regulator made different findings about the two cases.
AG Markets: what the FMA said
The FMA identified AG Markets as the trading name of Advanced Global Markets Limited. The website named in the notice was www.ag-markets.eu.
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The regulator said AG Markets claimed on its website to be registered on the FSPR, although it was not registered. The FMA was concerned that this could mislead investors about the extent to which the business was regulated under New Zealand law.
The official notice does not call AG Markets a scam. It does not say that AG Markets stole client funds, that a New Zealand licence was cancelled or that the company received an enforcement penalty. Those claims would require separate evidence and should not be inferred from the warning.
Be precise about the company name
The FMA notice names Advanced Global Markets Limited. It does not identify the business as “Advanced Global Markets Inc.” and does not say that the warning concerned a company incorporated in Saint Vincent and the Grenadines. Those descriptions appear in some secondary coverage but are not the entity description in the FMA notice.
Profitix, Enigma GRC Limited and True Capital Pro
The FMA treated the following names as one group in its 15 November 2019 warning:
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- Profitix
- Enigma GRC Limited
- True Capital Pro
The notice stated that the entities:
- were not listed on the FSPR;
- were not incorporated in New Zealand; and
- had individuals contacting New Zealand residents with investment offers.
The FMA advised the public to exercise caution when dealing with the group.
The websites listed in the warning were:
www.profitix.comwww.incomeclass.netwww.truecapitalpro.com
The notice also reproduced addresses in Saint Vincent and the Grenadines and London, England, as well as telephone numbers and email addresses. These were contact details included in the 2019 warning. Their inclusion does not, by itself, confirm that the businesses were legally incorporated or authorised in those jurisdictions.
What “not on the FSPR” means
The FSPR is New Zealand’s searchable register of financial service providers operating in, or providing services to, people in New Zealand. The register can be searched by:
- legal name;
- registration number;
- New Zealand Business Number (NZBN); or
- trading name or alias.
For an exact-name search, use the full name and select “Equals” from the search drop-down menu. Users can also filter results by registration status and the financial services registered.
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A useful search should cover both the legal entity and the trading name. For example, a person checking AG Markets would search for both “Advanced Global Markets Limited” and “AG Markets”, rather than relying on a search for the brand alone.
However, an FSPR result is not a simple safety certificate. The FMA says that registration does not necessarily mean a business is licensed or regulated by the FMA, and does not prove that the business is based in New Zealand. Depending on the service, a provider may need registration only, or may also need a licence from the FMA or authorisation from the Reserve Bank of New Zealand.
How to check a broker or investment website
- Find the legal entity. Do not check only the brand name shown in advertisements. Look for the company name, registration number and jurisdiction in the website’s legal documents.
- Search the FSPR. Use the Companies Office search and select “Equals” for an exact-name check. Search the legal name, trading name and any alias separately.
- Check the registered service. A provider registered for one type of financial service may not be authorised to offer every product it advertises.
- Check licensing separately. FSPR registration is not the same as an FMA licence. Follow the licence or authorisation information shown in the register and verify it with the relevant regulator.
- Compare the result with the website. Treat a mismatch between the entity named online and the entity in the register as a serious warning sign.
- Search the FMA warnings. The FMA’s unregistered-businesses archive is useful, but it is not exhaustive. The absence of a name from the archive is not proof that the business is legitimate.
- Do not send more money to unlock a withdrawal. Requests for taxes, insurance, verification fees or “recovery” payments before releasing funds are common high-risk indicators. Keep records and seek independent advice instead.
What the warnings do—and do not—establish
The strongest supported conclusions are limited to the statements in the notices:
| Claim | Supported by the FMA notices? |
|---|---|
| The FMA warned about AG Markets. | Yes. The notice is dated 18 November 2019 and names Advanced Global Markets Limited. |
| AG Markets claimed FSPR registration when it was not registered. | Yes. This is the specific concern stated by the FMA. |
| The FMA warned about Profitix, Enigma GRC Limited and True Capital Pro. | Yes. The group warning is dated 15 November 2019. |
| The FMA declared both businesses to be scams. | No. The notices do not use that conclusion. |
| The warnings prove that client funds were stolen. | No. The notices do not make that finding. |
| FSPR registration proves that a provider is safe. | No. The FMA expressly says registration is not an assurance of safety or recoverability of funds. |
Chronology and status of the notices
| Date | Event |
|---|---|
| 15 November 2019 | FMA warning against Profitix, Enigma GRC Limited and True Capital Pro. |
| 18 November 2019 | FMA warning against AG Markets, identified as Advanced Global Markets Limited. |
| 8 September 2023 | The FMA archive page was identified as last updated while continuing to list both warnings. |
| 2026 | Both individual warning pages remain accessible on the FMA website, with their original 2019 warning dates. |
The fact that a warning is several years old does not make it a current licence or regulatory approval. It also does not establish what a website or company is doing now. Anyone considering an investment should perform a fresh register and licence check using the exact legal entity currently presenting the offer.
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- Keep your documents safe and with you at all times as each travel document organizer is thick enough for durability, yet lightweight enough for portability
- Keep your pages in pristine condition as the translucent, matte finish document folder is made with non-stick poly material designed not to lift print
- Add a professional touch to your plastic document organizer as it features a die-cut business card slot
- Holding up to 50 sheets of 8-1/2" x 11" paper, each clear document travel wallet can be used as a passport holder, car document wallet, homework folder, and more
If you have already dealt with one of these businesses
Keep copies of account statements, payment confirmations, emails, chat messages, telephone numbers, website addresses and any identity documents you submitted. Do not delete messages or pay another fee simply because someone promises to recover your money.
Contact your bank or card provider promptly if you made a payment and ask what reversal, chargeback or fraud-reporting options are available. Report suspected investment fraud to the appropriate New Zealand authorities and be cautious of recovery services that approach you unsolicited.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.FAQ
Did the FMA say AG Markets and Profitix were scams?
No. The 2019 notices did not use that conclusion. The AG Markets warning concerned an alleged false claim of FSPR registration. The Profitix group warning said the entities were not on the FSPR, were not incorporated in New Zealand and had contacted New Zealand residents with investment offers.
What company did the FMA identify as AG Markets?
The FMA identified AG Markets as the trading name of Advanced Global Markets Limited. The notice does not identify it as Advanced Global Markets Inc.
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Are AG Markets and Profitix the same company?
The FMA published separate warnings and did not describe AG Markets and the Profitix group as the same company. Profitix, Enigma GRC Limited and True Capital Pro were grouped together in one notice.
Does being listed on the FSPR mean a broker is safe?
No. FSPR registration does not necessarily mean that a business is licensed or regulated by the FMA, and it is not a guarantee that investors will recover their money.
How can I check a New Zealand financial provider?
Search the FSPR by the provider’s exact legal name, trading name, registration number or NZBN. Confirm the registered services and check any required FMA licence or Reserve Bank authorisation separately.
The Bottom Line
The FMA’s record is narrower—and more precise—than many summaries suggest. It issued one warning about AG Markets, or Advanced Global Markets Limited, over a claimed but absent FSPR registration. Three days earlier, it warned about Profitix, Enigma GRC Limited and True Capital Pro after stating that the group was not on the FSPR, was not incorporated in New Zealand and had contacted New Zealand residents with investment offers.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchThose findings are substantial reasons for caution, but they should not be expanded into unsupported claims that the FMA formally declared the businesses scams or proved theft of client funds. Check the current legal entity, FSPR entry, registered services and required licence before sending money.
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