General Equity House on Albert Street where the building society's offices are located. Photo / Hamish Fletcher
New Zealand's financial regulator says the public should take "extreme caution when dealing" with a building society with offices in downtown Auckland.
The Financial Markets Authority (FMA) today issued a warning about General Equity, which it considered has "engaged in misleading and deceptive conduct."
"Although General Equity is registered as
a building society, it does not carry on business as a deposit taker in NZ, and is not subject to Reserve Bank or trustee oversight. General Equity has not issued shares to the public. Most of General Equity's business is conducted off-shore.
The FMA is not aware that any New Zealanders have suffered a loss at this time. However, given General Equity's past conduct, we consider that anyone dealing with General Equity should exercise extreme caution," the FMA said in a statement.
General Equity's website says its head office is in Albert St in the Auckland CBD and its directors as Murray Greer, John Kortum, Steven Hensen, Ambrose Chan. Its chairman is listed as Murray Greer, who previously was a senior manager at Westpac Merchant Finance, the website said.
