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
Insignia Financial has returned to profit in FY25, after a $185 million loss in the previous year, while its advice division grew their revenue per adviser by 14 per cent.
With licensee switching on the rise, particularly for newer advisers, compliance expert Sean Graham has shared red flags to watch out for when making the jump between AFSLs.
Beyond their investment benefits, over a third of advisers say utilising managed accounts solutions has allowed them to take on more clients, according to Praemium.
Insignia Financial’s wrap platform has appointed Heidi Press, former HUB24 head of product management, to spearhead the design and delivery of the MLC Expand platform.
