ASIC warns against fake broker website
The Australian Securities and Investments Commission (ASIC) has warned consumers to stay away from a fake website endorsing a foreign exchange broker.
The corporate regulator has warned against First Forex and related entities Fifx and FiFX Global, who have misled consumers by claiming their services are "under the regulation of Australia (regulation no. 290600)".
But ASIC commissioner Greg Tanzer said this is untrue, adding their services are not regulated as a financial services business under Australian law.
"The website, www.fifx.com appears to be operated overseas and refers to an Australian company that is in no way associated with First Forex," Tanzer said.
He added consumers should only deal with licensed financial services.
ASIC said consumers can spot a loan scam if there are requests to transfer money upfront to an overseas-based account, requests to pay tax or fees before a loan can be given, or pressure for consumers to make a quick decision.
Consumers should also be wary if the loan provider says there are no credit checks and will lend money to those with problematic financial histories.
AUTHOR
Malavika Santhebennur
Recommended for you
As private markets maintain their position in the spotlight amid ASIC scrutiny, an adviser and an investment specialist have highlighted the growing reliance on AFSLs to guide advisers’ use of the asset class.
Vital Business Partners has thrown its support behind ASIC’s review of advice businesses’ use of offshore service providers, urging business to reassess their own set-ups.
Forbes Fava Saville has announced the appointment of a new senior financial planner, expanding its ranks to help serve clients across its Victoria offices.
Marking off its first year of operation, Perth-based advice firm Leeuwin Wealth is now looking to strengthen its position in the WA market, targeting organic growth and a strong regional presence.
