Warning: You want to avoid this financial site like the plague
Financial.org, as it describes itself, is a company that incorporates the ability, concepts, knowledge, understanding along with information and financial skill sets into a bundle known as Lifetime Financial Education to Improving People’s Lives.
In an attempt to protect their citizens, countries have and continue to warn against using Financial.org for financial dealings.
The UAE is warning
In a statement published by the UAE’s securities regulators on Wednesday, investors were warned not to deal with Financial.org.
“The alert comes after the Philippines watchdog, the Securities and Exchange Commission (SEC), warned last month that salesmen, brokers, dealers or agents who promoted unauthorized investments such as Financial.org could face a fine and up to 21 years in prison,” Reuters reported.
Asian countries following about
According to The Star Online, a breaking news website, the UAE is not the only one, but “regulators in Malaysia, Singapore, Indonesia, and Thailand have also placed Financial.org on alert lists of unauthorized firms with whom investors should exercise caution.”
The Monetary Authority of Singapore placed Financial.org on an investor alert list and said investors should “exercise caution” when dealing with companies on the list.
As for Malaysia’s Securities Commission, it also placed Financial.org on a list of “unauthorized websites/investment products/companies/individuals,” The Star reported.
The whys behind this
According to Reuters, this UK Company manages hundreds of thousands of dollars for Asian investors, even though it is not licensed to engage in financial transactions.
Reuters said: “Financial.org is not on a publicly available list of companies authorized and regulated by Britain’s financial regulator to buy and sell stocks or bonds for clients.”
Reuters continued to explain that it is prohibited for UK-registered companies to deal in securities such as shares and bonds if it is not authorized by law and regulated by the Financial Conduct Authority (FCA), even if the investors are outside Britain.
Top 6 Best Online Investment Companies
If you are wondering what the best financial websites to invest with are and what companies to avoid, other than Financial.com, here’s what we found.
Online investing experts estimate that automated investment software combined with human advice will constitute more than 10% of total investable wealth by 2025, according to AdvisoryHQ, an editorial, research, and ranking company.
AdvisoryHQ published a list of the best online wealth management companies with a comprehensive overview of the unique features, benefits, and disadvantages of each.
Top 6 best online investment companies (and one to avoid)