The UAE’s securities regulator has warned investors not to make any deals with Financial.org, a website that offers services regarding financial products and managing hundreds of thousands of dollars for Asian investors even though it is not licensed to engage in such financial transactions.
The Securities and Commodities Authority (SCA) issued a warning on Wednesday directed at investors against dealing with the website and any services it offers since it is an unregulated British company that has attracted investors from countries across Asia and the Gulf.
LONDON, May 17 – Britain’s financial markets watchdog said on Thursday it had put UK-registered firm Financial.org on an investor alert list, warning investors from dealings with the company.
The Financial Conduct Authority said in a notice on its website that it believed the firm “has been providing financial services or products in the UK without our authorisation”.
Reuters has reported that Financial.org, a sponsor of Formula One team Williams, is managing hundreds of thousands of dollars for Middle Eastern and Asian investors even though it is not licensed to engage in financial transactions.
Offering investment services without regulatory permission is a criminal offence in Britain.
Financial.org could not be reached for comment.
Williams did not immediately respond to request for comment.
The FCA’s action follows similar warnings from regulators around the world, including in recent weeks from the United Arab Emirates, the Philippines, Indonesia and Thailand.
