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In the recent consumer warnings issued by the Canadian regulatory authorities, the authority under the spotlight is the Ontario Securities Commission (OSC). The Ontario Securities Commission has reportedly issued a warning against The Financial Investment Group.
OSC Warns Locals about The Financial Investment Group
As per the Ontario Securities Commission, The Financial Investment Group is involved in offering financial services to the people of Ontario without an authorization.
The regulator has confirmed that the particular firm has no authority to operate in Ontario. However, the firm is involved in offering derivatives and securities to the locals without any proper certification.
The reason behind the warning is to alert the locals so they avoid interacting with the particular trading platform. As the firm is unauthorized, it is very risky for the investors to interact with the platform.
The locals must remain very cautious and alert when acquiring services of the firm and entrusting them with funds. Being unauthorized in Ontario means that the firm cannot offer its services at all. If the firm is doing it, then it means it may be running a fraud and may end up scamming people.
Firm is Unauthorized
The Financial Investment Group is reportedly unauthorized, which means that it is not registered to operate in Ontario. For a firm to be able to operate and provide financial services in Ontario, it must be authorized to do it.
The firm needs proper certification and authorization to operate and offer securities/derivatives to the locals. If it is not authorized, then it may be involved in illegal and fraudulent activities.
For the investors to invest their money into an authorized firm, it is a risky thing and they may end up losing their funds to it. The firm has not approach the Ontario Securities Commission to acquire authorization or certification.
The legislative authority has therefore, declared The Financial Investment Group being a scam and an illegal firm to interact with. The securities and the interests of the investors will be at a risk if they continue interacting with the firm.
Possible Risks of Losing Personal Information and Funds
As the firm is unauthorized, the investors are at a risk of losing their personal/financial information as well as their funds. There is possibility that the firm may be involved in stealing the personal and financial information of the users.
Moreover, the firm may lure the locals of Ontario to invest their money into the firm. This gives birth to a possibility that the people may end up losing their funds to the firm.
As the firm is unauthorized, it is possible that any information it has provided about its location and existence on the website is false and misleading. If the users end up losing their money to the firm, there will be no possibility of retrieving the funds.
The regulatory authority won’t be able to help the investors in the particular case in recovering their funds. To be precise, the investors and their funds will not be protected against the firm. They will be fully responsible and will hold full accountability for their actions on the platform.
Information about The Financial Investment Group
On the website: https://thefinancialig.com, The Financial Investment Group claims it is a regulated and registered firm. The firm claims that it offers trading services for a number of trading instruments. The trading instruments include stocks, forex, cryptocurrencies, indices, and commodities.
The firm is reportedly involved in offering all these securities and derivatives to the locals of Ontario without any authorization. The investors are therefore, intimated not to get involved with the firm with respect to opening an account, adding funds, and perform trades.
The firm also claims that it is fully adherent to the anti-money laundering and know-your-customer policies. The physical address provided by the firm is 30 Holborn, London, EC1N 2HR, United Kingdom.