With the rise in financial investment schemes with some being dubious, the Central Bank is always watchful and looks into the consumer welfare by updating these operation in Financial Consumer Alert List (FCA List).
For those not familiar, the FCA list is a guide to enhance the awareness on entities or schemes which may have been wrongly perceived or represented as being licensed or regulated by Bank Negara.
This list is updated based on information received by BNM from members of the public, after conducting necessary assessments on the reported entities and schemes. Consumers may also refer to the FCA List as one of several ways to check if an entity or a scheme has been identified as one that has not been authorised by the Central Bank to offer financial products or services that are regulated.
The latest addition includes these 7 which BNM has advised for the public to be cautious of:
- Munics Bank
- Monies Bank
- Cahaya Maju Investment
- VanguardFX Asian 2021
- Vanguard Financial Services
- Muhibah Yatu Investment
- Mining Guru.net
It must be noted that absence or subsequent removal of an entity or a scheme from the FCA List however should not be construed as confirmation that such entity or scheme is or has been licensed or regulated by BNM. As with any financial investment, consumers are advised to exercise due care when investing in any entity or financial scheme.