Tag: Financial Services Monitoring Authority

Many scam brokers try to present themselves as regulated. For this purpose, they use fake regulators, which are a good business in themselves. Against the payment of a membership fee, the scam brokers are then allowed to call themselves regulated by this organization. Fake regulators are a good business model. Recently we have noticed two new fake regulators, International Regulatory Markets Association (IRMA) and European Regulatory and Supervisory Investment Commission (ERSIC). We have added them to our list.

The UK FCA has issued a warning against the Financial Services Monitoring Authority (FSMA) which presents itself as a regulator on its website www.fsma.org.uk and in emails. The fake FSMA offers various licenses for financial services and claims that it would also monitor these licensees as a regulator. The website is so ridiculous that no one should fall for it. Many scammers use such fake regulators to give themselves the appearance of respectability. Some companies and names are also registered as licensed in the FSMA registry.