Warning: Be Cautious of Unlicensed Financial Service Providers in Saint Kitts and Nevis
Regulatory Body Issues Advisory
The Financial Services Regulatory Commission (FSRC) in Saint Kitts and Nevis is warning citizens to exercise caution when approached by individuals or businesses offering financial services without proper licensing. The regulatory body is urging citizens to verify whether the service being offered has been approved and licensed by the relevant authority before entering into any business arrangement or contract.
Emerging Trend of Unlicensed Financial Services
The advisory comes in response to an emerging trend of companies engaging in foreign exchange (FOREX) trading and Contract for Differences (CFD) Trading. The FSRCS is urging citizens to be vigilant and not fall prey to unlicensed financial service providers.
Warning from the Commission
“We urge citizens to exercise extreme caution when dealing with anyone claiming to offer financial services without proper licensing,” said a spokesperson for the commission. “The Financial Services Regulatory Commission is committed to protecting the public from unscrupulous individuals and businesses that may compromise their financial security.”
How to Verify Licensing
To avoid falling victim to unlicensed financial service providers, citizens are advised to:
- Verify whether the service being offered has been approved and licensed by the relevant authority
- Check the regulatory body’s website or contact them directly for more information
- Be cautious of unsolicited offers or deals that seem too good to be true
Additional Resources
For further information or assistance, citizens can contact the FSRCS - Nevis Branch at 469-1469. The commission has also published a list of restricted and prohibited words and phrases that should not be used when registering a company, as well as important advisories concerning the financial services sector.
Staying Informed
Citizens are advised to stay informed by reviewing these advisories on the commission’s website or by contacting the Nevis Branch. The Financial Services Regulatory Commission will continue to provide updates on its initiatives, policies, events, and activities through regular press releases and statements.