The (ASIC) has updated its blacklist today to include HBC Broker, which is also known as MPG Invest Limited. The financial regulator was alerted to the firm after it made unsolicited calls or sent emails about investing, financial advice, credit or loans.
Headquartered in Armenia (5 Shovroyan St, Yerevan, Armenia), HBC Broker is a forex trading provider established in 2010. Through its website, www.hbcbroker.com traders can access its online trading platform for forex instruments.
The has warned that the broker does not hold a current Australian Financial Services (AFS) licence or an Australian Credit licence from ASIC to provide financial services in Australia, highlighting that the company could be involved in a scam.
HBC Broker stands for “Honest Brokers Collaboration”. The fact that the firm needs to specify that it’s honest personally raises some red flags. Originally the company was JCF Consult and specialised in offering investment plans, its website states.
Britain’s FCA previously blacklisted HBC Broker
ASIC isn’t the first regulator to warn against HBC Broker/MPG Invest Limited. In fact, last year in July, that the (FCA) warned against the firm. In the warning, it states that the company lacks the proper authorisation to be targeting British customers.
The fact that not one – but two – financial watchdogs in separate countries on different sides of the world have flagged this company as suspicious and operating without a licence should give consumers pause before commencing any type of relationship with the firm.
In fact, ASIC outright tells traders not to deal with this firm. The FCA, on the other hand, said in its official statement that it strongly advises investors to only deal with financial firms that are authorised, and check the Financial Services Register to ensure they are.
Additional warnings from ASIC
In addition to HBC Broker, ASIC has also flagged the Dominion Group, Gumpold Christian & Co., Harvest Asset Holdings Ltd and DMT Limited. According to the separate warnings, all of the abovementioned companies do not hold the proper licences. Therefore, they are not allowed to provide financial services in Australia. As a result, the regulator warns consumers to avoid dealing with any of the firms.
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