The Australian Securities and Investments Commission (ASIC) has alerted the public to Campbell Investments Limited’s illegal conduct in Australia. The Australian financial watchdog has made it clear that this brand is not authorized – it does not hold the license that allows institutions to offer online trading related services in Australia.
According to the statement made by ASIC, the financial advisory company has sent emails and conducted phone conversations with potential or existing clients regarding investing, loans, credit, and financial advice. The regulator has also expressed concern regarding the legitimacy of the company, stating that it might be running a scam operation.
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If clients were to look at the company’s website, they would find the description of the services quite vague. Though Campbell Investments Limited states that it is a wealth management and trading firm, it remains unclear if it offers forex, CFDs, or binary options trading. The online trading company claims its headquarters at 8 The Mall, SW14 7EN, London, United Kingdom.
Additionally, it seems odd that clients cannot sign up to the website by themselves.
Last week, Finance magnates covered Synergy FX, an Australian forex broker, being fined $10,800 by ASIC. Apparently, the brokerage had misleading advertising, where clients were led to believe that only successful traders pay commissions. Not only was the company fined, the Australian regulatory authority also took it upon itself to issue warnings.
The Australian financial watchdog has also alerted local traders to the conduct of Trader12. This company, much like Campbell Investments Limited, had been operating within Australia sans a license.