Today is 27 of July, 2024.
We would like to inform you that PIN TTE K had a feedback from FSPR from New Zealand on 22 of July 2024.
Please read bellow the e-mail sent by them.
"Mel Ducatti Limited has been on the FSPR since March 2022 and has not met the thresholds at any point. The Act does not provide any exceptions to the same – save for the allowance of 3 months when an entity is first registered on the FSPR to meet the threshold imposed in the regulations. This period has long since passed. As stated in our previous email, Mel Ducatti Limited can continue to test the platform and build the business. Once the business provides financial services to persons in New Zealand above a minimum business threshold, you may apply to register again on the FSPR as a new provider. The business threshold provided by the Financial Service Providers (Registration) Regulations 2020 is as follows:
If you have indeed started trading (albeit not within the threshold), we would also suggest you ensure you are not breaching your obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 by not being onboarded as a reporting entity. Please note that if Mel Ducatti Limited is onboarded as a reporting entity, it will need to register on the FSPR."
We would like to explain to our clients and market that the reason from FSPR decision at this report.
These issues are related to find the right supplier to offer us the right technology to provide you, client, the right services.
We contacted many suppliers for quotes and we had issues in deal with their customer service, right service, price from their service didn't match to our budget, lost appointments from both side, because everything is "homemade" and after trying to contact them again and didn't get their response.
Most of them didn't reply us, despite they are in needed to earn profit.
After all frustration in dealing with suppliers, we decided to offer the market projects opportunities for self-employers.
We listed the opportunity on SEEK website doing investments in advertising and we didn't get any response. The response we got didn't go ahead and it seems that it was "scam" for us, because when we asked them to prove their identity we didn't get any feedback.
Despite of our low budget to invest and we didn't want to get involved in loans at this stage, due the high risk in dealing with New Zealand market and our low profile, our work was very slow in compare to our competitors. We had loss on time, after our hard work in develop PIN TTE K the best we can.
Due the shortage in find the right supplier in many areas from our business, also worry about their safety, because a few suppliers from overseas was offering service in a low price in compare to others, we got concern if their employees was treating in a "fair trade" and without any exploration.
Concerning with our image and our reputation we decided don't accept any negotiation without their right documentation.
We would like to inform you that, according to FSPR we are not allowed to provide any FINANCE SERVICE, until we prove that we have more than 10 clients and finance transaction with more than NZ$10,000.00 on total, according to their specification. We also are not longer offer the service, if we don't apply again and prove that we have the right service to offer the market.
We are going to be online with our workstation and website PIN TTE K, working on backend to get the right system. When we will be ready we are going to apply again at FSPR or with reserve bank of NZ to continuous offering you the right service in a fair trade with intention to create an environment to provide profit for everyone involved.
We also would like to advice you that, we have been received threat which had affected our work, our family and our development.
We complained many times with the police about the circunstances.
For more information, please contact us here
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