The British Columbia Securities Commission (BCSC), one of the thirteen provincial financial regulators in Canada, today updated its blacklist of companies that are illegally conducting financial services targeting its residents, adding Bristol Financial Offshore, a brand allegedly operating out of New York and Luxembourg.
According to the Canadian watchdog, Bristol Financial Offshore, operating as Bristol Financial and Bristol Offshore, solicited a British Columbia (BC) resident and the company opened a trading account for him without being authorised to do so. The BCSC has therefore urged investors to use caution when dealing with this brand.
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The newly-listed company is an offshore provider of several financial services including forex and commodities broking, automated online trading system and managed accounts. It offers its clients both execution-only and full-service accounts.
Getting back to the BCSC warning, after briefly explaining certain risks related to derivatives products, the provincial authority noted that while some trading activities are regulated, these represent only a portion of the market, while a large portion is illegally traded through unregulated online platforms.
The BCSC is the independent provincial government agency responsible for regulating securities trading in British Columbia through the administration of the Securities Act. The regulator website provides information, tools and resources for investors, including investor warnings about individuals and companies that appear to be engaging in unauthorized activities.
The warning follows a similar case highlighted by the BCSC last month in which the forex brokerage Stoxmarket was added to its list of companies not to do business with.