MFSA issues warnings against unlicensed financial services firms claiming to be locally regulated

The Malta Financial Services Authority (MFSA) has issued a warning against unlicensed financial services entities operating under the names Interactive Financial Investment and P240 Ltd. It wrongly claims to be a locally registered and regulated company.

“The Entity purports to be ‘authorized and regulated by the MFSA as a MiFID firm and holds a category 3 Investment Services License’, making unauthorised use and reference to company details of a Maltese licensed company.”

The entities are neither registered Maltese companies nor licensed or otherwise authorised by the MFSA to provide any investment services or other financial services which are required to be licensed or otherwise authorised under Maltese law.

The public should therefore refrain from entering into any transactions or otherwise dealing with the above-mentioned entities on any matters falling within the parameters of the Investment Services Act, Chapter 370 of the Laws of Malta.

The company claims to be regulated by the MFSA whilst trying to mislead consumers by saying it’s a US based regulator. However it then links to Malta’s very own regulator.

The MFSA reminds consumers not to enter into any transaction with financial services unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator.

Investors are advised to be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media.

A list of entities licensed by the MFSA can be viewed here.