The FMA has asked for the removal of a number of foreign firms from the Financial Services Providers Register and warned them. The concern is that a non-resident company may be using a New Zealand registration as a way of claiming supervision under a respected regime - when in fact as an offshore company they are not regulated here. You can read more detail at this link.
How significant is this? The problem is real, as Diana Clement points out in her article on the NZHerald.co.nz website.