In its latest attempt to safeguard the financial services markets' participants in Switzerland, Swiss Regulator FINMA warns against fake regulator IFCOMM. What do we know about this entity?
9 February, AtoZForex – The Swiss Financial Market Supervisory Authority (FINMA) has issued an update to its blacklist, which contains the names of firms that are illegally operating in the financial services market in the Switzerland.
Swiss Regulator FINMA Warns Against Fake Regulator IFCOMM
The latest update to the FINMA’s warning list is an entity called International Finance Commission (IFCOMM). The firm is attempting to clone a self regulator’s brand. In addition, the entity has masked itself with purported services. The FINMA was able to spot the fraudulent firm through its website www.ifcomm.org. The entity presents a dispute resolution services that were certainly created to help commit its fraud.
The firm also lists false membership details for famous brokers to mislead investors into thinking they are dealing with genuine company. IFCOMM suggests that it is affiliated with numerous brokers to falsely enhance its reputation.
Even though the Swiss regulator did not explicitly mention that IFCOMM is not officially registered in Switzerland, the fact that the entity is included into the warning list of the authority signals the necessity of caution.
The inclusion of the firm into the list also indicated that the firm has no rights/authority to offer and provide its trading services to Swiss citizens. The announcement from FINMA also acts as a reminder for investors that IFCOMM is a pseudo-clone website. Moreover, the operators of this website have no link with any of the financial services industry association.
FINMA's Mission
Swiss Financial Market Supervisory Authority is a Swiss independent financial market regulatory body. Its responsibilities include supervision of the banks, insurance companies, securities dealers, exchanges, asset managers, collective investment schemes, and fund management companies.
Moreover, it regulates distributors and insurance intermediaries. FINMA possesses the rights to protect the investors, creditors, and policyholders. FINMA is mandated to assure that Switzerland’s financial markets work properly.
When FINMA started its activities on 1 January 2009, the parliament of the country has granted its great degree of independence. The regulator enjoys its institutional, functional and financial independence. All three enable the regulator to implement effective supervision over financial sector in Switzerland.
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