The FSA has issued no alerts against UK-based "rogue trader"firms thought to be scamming consumers h...
The FSA has issued no alerts against UK-based "rogue trader"firms thought to be scamming consumers here and abroad, but other regulators have issued 16 warnings, including at least one concerning three brokers based in the FSA's own back yard.
Research compiled by the Regulatory Intelligence Agency - set up to collate information and data from financial regulators all over the world - about scam warnings indicates a total of 699 warnings and alerts have been issued around the world concerning suspect or 'boiler room' operations which sell high-risk or worthless stocks to unsuspecting consumers.
According to the RIA, Australia's Securities and Investment Commission (ASIC) has issued the most warnings, followed by the Central Bank of Ireland and Thailand Securities and Exchange Commission which also has the highest number of suspect broking firms.
However, regulators "never warn against entities on their own soil" argues the RIA, because they see their role as protecting investors in their country from foreign predators.
The Financial Services Authority has so far published 41 warnings, mainly about broking firms based in Spain and Switzerland, but it hasn't issued alerts against British companies when other regulators have issued 16 warnings.
One of those firms is said to contain three brokers which are based in the FSA's back yard in Canary Wharf, according to the RIA.
Australian authorities are said to have issued a warning against Dreyfus Securities Limited of 29th Floor, One Canada Square, Canary Wharf, London - which just across the road from the FSA - while Thai authorities have issued alerts against Equitex Trading Limited, and Mason, Tait & Montgomery Inc. - both of which also trade out of the same address.
Also locally, the Isle of Man has "sounded the alert" 21 times recently, because at least are purported to be located on the island. While Jersey has issued 13 public warnings about companies which claimed to be at least authorised in Jersey.
RIA is a body based in the US and Vanuatu.
For more information, click thru to the RIA website.
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