Locals on the island of Jersey are being warned against a company claiming to be an Australian investment firm offering unauthorised financial services.
The Jersey Financial Services Commission issued a warning regarding Focus on Market, an organisation purporting to be authorised in Australia and licensed to provide investment services.
According to the JFSC, representatives of Focus on Market have been approaching Islanders offering services in relation to shares, stocks and foreign exchange transactions.
Focus on Market is not regulated in Jersey or Australia; a search of the ASIC business register shows no result of any such company.
Long term Bond Investors Shouldn't Fear Rate Rises
Any financial services business operating on the self-governing British Crown Dependency must be licensed by the JFSC or hold an appropriate exemption.
The JFSC has warned local residents to be mindful of all unsolicited approaches by investment businesses and to perform their due diligence before committing any money or personal details.
"We would recommend that you always independently verify any investment firm, manager or adviser. Check to see if they are licensed by the JFSC or, if they state that they are licensed in another jurisdiction, check the details with the relevant financial regulatory authority there," JFSC director of enforcement Barry Faudemer said.
"We would always advise taking independent professional advice before making any investment and never be afraid to ask questions."
Jersey is situated between the UK and France and is the biggest of the Channel Islands. The population of Jersey was estimated in 2016 to be about 104,200.