Follows warning in 2014 to steer clear.
The Financial Markets Authority (FMA) has issued an infringement notice to building society Pacific Eagle Capital (PEC) for failing to file financial statements on time.
The company, formerly known as General Equity Building Society and General Equity, had failed to file statements for the year to March 31, 2018 by July 31.
It changed its name in February 2017.
The FMA says the PEC must pay $7500 as a result of not filing its statements on time, in the first infringement notice of its type under the Financial Markets Conduct Act.
The regulator had already warned the public about PEC. In 2014 it warned people should take “extreme caution before obtaining any financial services, or acquiring any financial products.”
The warning was ordered to be displayed on PEC’s website, although that website appears to have been taken down.
As PEC is now operating offshore, the only oversight the regulator has is over reporting obligations.
PEC was also removed from the New Zealand Financial Services Providers Register in February 2016 at the direction of the FMA.
Companies Office records show its directors since November 2016 include Low Chun Keong of Kuala Lumpur, Chutmas Vongkorakit of Bangkok and Steven Maskell of Auckland.
Mr Maskell was approached for comment.
