Unlicensed FX provider to stop cold-calling Aussies
An unlicensed financial service provider running a cold-calling operation promoting foreign exchange (FX) and binary option products has ceased contacting Australian investors after concerns by the Australian Securities and Investments Commission (ASIC).
FXTS Guru claimed on its now unavailable website that it makes up to 3000 calls a day to investors in 40 countries to promote its products and supplying investors' contact details to its clients.
ASIC raised concerns after it found the company and its listed clients were not licensed to provide financial services in Australia.
Commenting on the issue, ASIC commissioner, Cathie Armour said "Investors need to be extremely wary of any unsolicited calls encouraging them to deal in financial products, especially products such as margin FX and binary options which are complex and risky".
ASIC's concerns are part of its work in the retail over-the-counter derivative space.
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