FMA cancels licence of Filcare Services Ltd

(Image: 123rf)

Thu, 26 Jun 2025

A financial services provider that largely gave advice to migrant workers has had its licence cancelled by the Financial Markets Authority (FMA).Filcare Services Limited (Filcare) held a full financial advice provider licence and had approximately 1800 retail clients, many of them migrant workers from the Filipino community.An FMA inquiry found that Filcare’s advisers had contravened its licence obligations by failing to:Keep adequate records in relation to advice given to its clients.Ensure its clients understood the financial advice the...

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