Saint Kitts and Nevis: Financial Institutions Face Stringent Regulations

Warning Against Unlicensed Financial Services Providers

The Financial Services Regulatory Commission (FSRC) in Saint Kitts and Nevis has issued a warning to the public regarding unlicensed financial services providers. These individuals or businesses are engaging in FOREX trading and Contract for Differences (CFD) Trading without proper authorization.

Be Cautious When Dealing with Unlicensed Providers

• Verify the licenses of any financial service provider before entering into business arrangements or contracts.
• Check if the company is properly registered and authorized by the relevant authorities.

According to FSRC officials, a growing trend has been observed of companies engaging in FOREX trading and Contract for Differences (CFD) Trading without proper authorization. The commission urges consumers to exercise caution when dealing with individuals or businesses offering such services.

Restricted Words and Phrases

FSRC has issued a list of restricted words and phrases that should not be used when registering a company in Saint Kitts and Nevis:

• Examples:
  • “FOREX”
  • “CFD Trading”

The commission is taking proactive measures to maintain the integrity and stability of the country’s financial system.

Contact FSRC for Assistance

Consumers can contact FSRC’s Nevis Branch at 469-1469 for any information or assistance they may require. The commission is committed to protecting consumers and maintaining confidence in the financial markets.

FSRC’s efforts are part of a broader initiative to regulate the financial services sector and ensure that only authorized providers operate within the country. By taking this step, FSRC aims to safeguard consumers and maintain the stability of the financial system.