FINMA, the Swiss Financial Market Supervisory Authority, has updated its blacklist of companies that are illegally conducting financial services and targeting Swiss residents.
The newly listed company is an asset management provider named Timber Hill Suisse. The Swiss authority located the company address via its website www.timberhill-ch.com which reveals that the firm offers several financial services including managed accounts, online trading platforms and asset management plans.
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According to Timber Hill Suisse’s website, it claims to operate as a Swiss private banking boutique with 50 years of expertise in wealth management to private clients and corporations. In the ‘About Us’ section, the company assures its clients that as an authorised firm by FINMA, they will benefit from protection of their deposits of up to CHF 100,000 per client in bankruptcy proceedings.
Although the financial watchdog didn’t provide specific details, the inclusion of Timber Hill means that it is not officially registered in Switzerland and was thus not authorized to offer its trading services to Swiss traders.