Financial regulator warns about online brokerage

Take note – story published 6 years ago

Latvia's financial regulator, the Financial and Capital Markets Commission (FKTK) on May 30 warned the public against using a UK-registered online brokerage.

"FKTK warns against the unlicensed investment brokerage company "HBC Broker" (trade name: "MPG INVEST", Ltd) offering financial services on its website... FKTK indicates that that service provider is not entitled to engage in investment services and ancillary investment services," a statement by the regulator said. 

In case you have suffered damage or suspected fraud, you should contact the police, FKTK said, reminding the public that banks or investment brokerage firms with appropriate licenses or operating permits . Such service providers are obliged to inform about the possible risks and ensure customer risk profile of an appropriate offer. 

MPG Invest is a UK-registered company with an operating address in the Bulgarian beach resort of Varna.

According to its website, HBC Broker (HBC stands for 'Honest Brokers Collaboration') is registered to provide financial services by the tiny Pacific tax haven of Vanuatu. It was founded by Swiss citizen Julian Schmid.

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