97 investor warnings have been published in 2019 by the Austrian Financial Market Authority (FMA). This is over 50% higher or 36 more investor warnings than in 2018. Most frequently such warnings warn against unauthorised investment advice, often by so-called clone firms, as well as services in relation to financial products like binary options and contracts for difference (CFDs). Clone firms impersonate with deliberately fraudulent motives an entity that has been authorised to conduct business, to thereby gain the customer’s confidence. The FMA also informs consumers about how they can spot financial fraudsters as well as the tricks that they use through its website in the section on the A-Z of Finance. Dubious providers in particular try to lure retail clients during the currently prevailing low interest environment with promises of high returns.
An investor warning is then published where a person has given rise to do so, and where it is necessary to inform the public. Furthermore, such publications must also be proportionate with regard to potential detriments for the affected party. The content of such a warning is the information that a named natural or legal person is not authorised to provide specific activities requiring a licence. Investor warnings are published in the Official Gazette of the Wiener Zeitung (Amtsblatt zur Wiener Zeitung) as well as on the landing page of the FMA website. Current investor warnings may also be accessed from phones and tablet devices using our FMA app.
Journalists may address further enquiries to:
Ms. Lucija Stjepanovic
Tel.: +43/(0)1/24959-6008