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Also I should reiterate NZ does not have any depository insurance. That is $ in the banks are not insured in the case of bankruptcy. Whereas in Canada they have CDIC, and in the US they have FDIC (which insures balances up to $250,000 per account) and with brokers, they have SIPC covers up to $500,000. TDAmeritrade covers up to $1,000,000 for joint accounts.
So where is this FMA BS they're saying that investors $ is not safe in the overseas major brokerage houses or banks? It's not like people are sending money to Nigeria from a phone scam.
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