One thing that caught my interest is the following statement at the bottom of the FCSL homepage: "First Capital Savings & Loan is offering financial services as a Finance Company and not as a registered bank under supervision by the Reserve Bank of New Zealand. Services are not available to the public in New Zealand."
Another thing that caught my interest on the homepage is First Capital's address in Auckland. The first line of the address is: "Auckland Compliance Ltd."
So I did detective work. I'm a CPA and an attorney. I used to do audit work for Arthur Andersen & Co., the now defunct accounting giant.
I found that FCSL is registered in NZ as just another company, not as financial institution. The term "Savings & Loan" has no meaning in NZ. FCSL is just an ordinary registered company. It is not under the supervision of Reserve Bank of New Zealand, nor in any way a financial institution.
I also found that FCSL's address at Auckland Compliance Ltd. just an address, nothing more. It turns out Auckland Compliance Ltd. is nothing more than a storefront for dozens or hundreds of companies that want a NZ address. It is what is commonly referred to as a business services company. I'm familiar with this because I used to use such a company in Las Vegas, called Business Office Suite Services. I had a Nevada Corporation that used a Las Vegas address.
Finally, FCSL has no physical presence in NZ, no employees, no business activities, no nothing. That is what I have learned.
First Capital Savings and Loan Client
