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The Financial Services Conduct Authority (FSCA) has warned the public to be cautious when doing business with a WhatsApp group named Fairtree Capital.
“The individuals behind the WhatsApp group are not authorised to render any financial advice and intermediary services,” said the FSCA.
Creators of the WhatsApp group are allegedly soliciting investments from people and promising unrealistic and excessive returns while using the names of a legitimate financial services providers (FSPs), such as Fairtree Asset Management, Faitree Capital Hospitality and Fairtree Private Client.
The financial oversight body said the Fairtree group had confirmed they were in no way associated with the WhatsApp group.
“It is the FSCA’s view the WhatsApp group is conducting unregistered business and is providing advisory and intermediary services without the necessary authorisation.”
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Compiled by Narissa Subramoney.
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