The Securities and Futures Commission (SFC), Hong Kong’s financial regulator, today updated its Alert List which includes the names of businesses that are unlicensed in Hong Kong and have been red-flagged for targeting Hong Kong investors.
Florin Investments is the latest brokerage to come under fire by the regulator for not having a licence, adding to the ever-expanding list of brokers included by the SFC.
The latest warning comes after the watchdog recently brought to light the clone firm Phmarkets Financial (PHMARKETS) which was added its list of unregulated entities in October, as part of its measures to clamp down on unauthorised activities in the market.
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Florin Investment operates online under the banners of www.floringlobal.com and www.florininvestmentlimited.com and is located at 35 Bonham Strand Trade Centre, Sheung Wan, Hong Kong. Although both these websites are currently not operational, the company in question is a Private Wealth Management firm that provides traditional investments including bonds, stocks and their cash equivalents, according to a company description.
The SFC also warns in its statement that unlicenced entities often use names similar to legitimate companies to confuse investors, and while a firm’s website may reveal what appears to be a legitimate financial services outfit, ambiguities relating to the firm’s address and bank account details often raise concerns, prompting the SFC to take action.
Hong Kong’s financial watchdog plays a key role in informing investors about potential scams by drawing attention to illicit operations and unregulated entities that market participants should refrain from doing business with.
Its latest warning against Florin Investment is part of its efforts to target unlicensed businesses soliciting their services in Hong Kong.