The Australian Securities & Investments Commission (ASIC) earlier today issued a warning regarding the claims present on websites www.fxabs.com.au and www.fxabs.com.
Both websites are falsely claiming that their services are regulated by ASIC and that they are associated with the Australian company Australia ABS Group Pty Ltd (Australia ABS Group) – a licensed entity.
Directors of Australia ABS Group have confirmed to ASIC that the websites are not linked to the company in any way.
Moreover, the websites are offering CFD and margin Forex services. Whereas Australia ABS Group has an Australian financial services (AFS) licence, it is not currently authorised to provide these types of services under that licence, the regulator notes.
ASIC Commissioner Cathie Armour commented:
‘This case again highlights the need for investors to be vigilant and do their research before signing up to trade financial products via a website. A simple check of ASIC’s registers would have shown that the entity being promoted on the websites is not adequately licensed to provide the products on offer.’
A screenshot of fxabs.com, showing the misuse of the name of ABS Group, as well as the false claims for having an ASIC license.
To view the official announcement from ASIC, click here.