ASIC warns about false claims on www.fxabs.com.au
ASIC is aware websites www.fxabs.com.au and www.fxabs.com are falsely claiming their services are regulated by ASIC and that they are linked to the Australian company Australia ABS Group Pty Ltd (Australia ABS Group).
Directors of Australia ABS Group have confirmed the websites are not associated with the company in any way.
In addition, the websites are offering CFD and margin FX services. While Australia ABS Group does have an Australian financial services (AFS) licence, it is not currently authorised to provide these types of services under that licence.
ASIC Commissioner Cathie Armour said, ‘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.’
Source: ASIC
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