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The Jersey Financial Services Commission (JFSC) has today issued a warning regarding a company purporting to be an Australian investment business called Focus on Market, which has been approaching Islanders offering unauthorised financial services.
Through its enquiries, the JFSC has established that the firm is not regulated in either Jersey or Australia but is offering local residents investment opportunities in a variety of shares, stocks and foreign exchange transactions.
The JFSC is warning Islanders to be mindful of any unsolicited approaches by investment businesses and to carry out vital checks before committing any money or providing personal details to a firm. Any investment business wishing to operate in the Island must be licensed by the JFSC or hold an appropriate exemption.
JFSC Director of Enforcement Barry Faudemer commented:
“We would recommend that you always independently verify any investment firm, manager or adviser. Check to see if they are licensed by the JFSC or, if they state that they are licensed in another jurisdiction, check the details with the relevant financial regulatory authority there. We would always advise taking independent professional advice before making any investment and never be afraid to ask questions.”
Any Jersey residents who have been approached by Focus on Market should contact Barry Faudemer by emailing b.faudemer@jerseyfsc.org or calling (01534) 822137.
For more guidance on investment mis-selling, please visit https://www.jerseyfsc.org/yourownbestinterests/index.html
