Monthly Archives: October 2017

FCA warns against YF Asset Management (clone)

Reason: UnregulatedComment: YF Asset Management is not authorised or registered by the FCA but has been targeting people in the UK claiming to be an authorised firm. Date: 30/10/2017Link: https://www.fca.org.uk/news/warnings/yf-asset-management-clone

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FCA warns against Levine & Levine Law Specialists

Reason: UnregulatedComment: Levine & Levine Law Specialists has been providing financial services or products in the UK without FCA’s authorisation. Date: 30/10/2017Link: https://www.fca.org.uk/news/warnings/levine-levine-law-specialists

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FCA warns against Baker Hamlin

Reason: UnregulatedComment: Baker Hamlin has been providing financial services or products in the UK without FCA’s authorisation.Date: 27/10/2017Link: https://www.fca.org.uk/news/warnings/baker-hamlin

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Financial advice firm to pay $1 million penalty for breach of best interests duty

Reason: AbuseContent of Penalty: The Federal Court has imposed a civil penalty of $1 million against Melbourne-based financial advice firm NSG Services Pty Ltd (currently named Golden Financial Group Pty Ltd) (NSG) for breaches of the best interests duty introduced under the Future of Financial Advice (FOFA) reforms. Date: 30/10/2017Amount: 1,000,000Link: http://asic.gov.au/about-asic/media-centre/find-a-media-release/2017-releases/17-365mr-financial-advice-firm-to-pay-1-million-penalty-for-breach-of-best-interests-duty/

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FCA warns against Bizzy Loans clone frim

Reason: Fraudulent, Unregulated Comment: Bizzy Loans is not authorised or registered by the FCA but has been targeting people in the UK claiming to be an authorised firm. Date: 27/10/2017Link: https://www.fca.org.uk/news/warnings/bizzy-loans-clone-authorised-firm

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FCA warns against Six Swiss Exchange Ltd clone firm

Reason: FraudulentComment: Six Swiss Exchange Ltd is not authorised or registered by the FCA but has been targeting people in the UK claiming to be an authorised firm. Date: 27/10/2017Link: https://www.fca.org.uk/news/warnings/six-swiss-exchange-ltd-clone-authorised-firm

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ASIC suspends AFS licence of M.J. Wren & Co

Reason: MisconductComment: ASIC has suspended the Australian financial services (AFS) licence of M.J. Wren & Co Pty Ltd (MJ Wren) until 16 October 2018. Content of Penalty: MJ Wren ceased providing financial services in May 2017 after ASIC identified that MJ Wren had failed to comply with the risk-based capital requirements set out in the market integrity rules. Date: 27/10/2017Link: ...

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ASIC disqualifies director from managing companies for maximum five year period

Reason: Misconduct, AbuseComment: ASIC found that Mr Cook: -improperly used his corporate position by causing his companies to make loan -repayments to related companies ahead of third party creditors whilst they were in financial difficulty; -failed to prevent some of the companies from trading whilst insolvent; -failed to ensure that proper financial records were kept; -failed to assist the liquidators ...

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Vantage FX acquires Atom8 forex broker

Vantage FX, a forex and CFD broker regulated by the Australian Securities and Investment Commission (ASIC), announced it has acquired Atom8 – a UK forex, CFD and spread-betting broker regulated by the Financial Conduct Authority (FCA).   David Bily – Director of Sales and Marketing, Vantage FX: The acquisition of Atom8 is an exciting new chapter for the Vantage brand. Our group will use ...

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MTI Markets, a Forex Broker registered on the Marshall Islands has been shut down

Recently BrokersWatch issued a warning against the activities of MTI Markets.  MTI Group Ltd a company registered in Belize was not under any regulation and not licensed to operate anywhere in the world. Under CySec regulation, no one is allowed to engage in providing financial service out of Cyprus unless they are authorized from CySec. BrokersWatch advises all users to stay away from this company ...

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