Hong Kong’s financial regulator, the Securities and Futures Commission (SFC), has issued a further update to its Alert List featuring the names of businesses that are unlicensed in Hong Kong and which are believed to have targeted Hong Kong investors.
TCA Financial is the latest brokerage to make it onto the SFC’s growing list. The addition follows a further warning today on IEA Holdings which was also added as an unlicensed entity for allegedly scamming investors.
The firm, which offers a range of services including investment trading via its trading platform, wealth accumulation and financial planning operates via the website www.tcafinancial.com and claims to be located at 2/F, Block B, Po Lung Centre, 11 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong.
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According to the regulator, TCA Financial is not located there. It was also noted that the firm uses a bank account in Hong Kong in the name of Yellow Sand International Ltd for settlement.
The SFC warns in its statement that unlicensed entities often use names similar to legitimate companies to confuse investors, and while a glance at this firm’s website reveals what may be perceived to be a legitimate financial services outfit, ambiguities relating to the firm’s address and bank account details have raised concerns.
Hong Kong’s financial watchdog plays an important 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 about TCA Financial is part of its efforts to clamp down on unlicensed businesses soliciting their services in Hong Kong.