ASIC has released the new “investor alert list” so that consumers can check if an entity they are considering investing in is unlicensed, fraudulent, or a scam.
The regulator said the list – which replaces the previous Companies you should not deal with list and forms part of the government’s initiative to fight financial scams – includes domestic and international entities the regulator is concerned are operating and offering services to Australians without appropriate licenses, exemptions, authorisation, or permission.
It also includes entities that impersonate or falsely claim to be associated with a legitimate business.
The list will continue to be updated by ASIC, but it will not be exhaustive because there are websites or entities engaging in fraudulent activities that the regulator ultimately does not know about.
The list’s publication coincides with the National Anti-Scam Centre’s ongoing work coordinating the investment scam fusion cell (led by ASIC and the ACCC) to combat the growing issue of investment scams by identifying ways to disrupt them.