Have you ever heard of an investment opportunity that sounds too good to be true? Are you aware of the Financial Consumer Alert List by Bank Negara Malaysia (BNM) where there are a list of suspicious/dubious/unauthorized investment/financial schemes in Malaysia. You can use this list as a reference and to check the authenticity of the investment schemes. Always do your due diligence prior to making any form of monetary investment.
What is the Financial Consumer Alert List?
The Financial Consumer Alert List (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 Malaysia (BNM).
The FCA 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 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 BNM to offer financial products or services that are regulated by BNM.
The 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.
What Information Is Available in FCA?
The Financial Consumer Alert List (FCA List) by Bank Negara Malaysia is like a caution flag for financial products and services. It tells you about things that might not be legit, even if they seem like they are. From the list, it shows the name of the scheme, entities or indivual and their website, social media and messaging groups such as Whatsapp, Telegram and etc.
Here’s the deal: people sometimes tell others they’re licensed or regulated by Bank Negara Malaysia (BNM) when they are not. This list can help you see through the lies. The Financial Consumer Alert List is updated regularly from the feedback from the public – BNM checks out input/feedback/reports/complaints and add investment schemes to the list if they seem suspicious.
How Can the FCA List Help You
Before you invest in anything, check the Financial Consumer Alert List. If it is already listed in the list – you can be 100% sure that it is a dubious scheme. However, do remember that even if the scheme is not in the list – it does not mean that it is a legitimate investment scheme. It may have yet to be flagged or reported and hence may not be in the radar of the BNM yet. People are always coming out with all sorts of schemes – so before you jump into it, give it a serious thought, check it our thoroughly, do all the necessary due diligence before taking any action.
Finally – remember that the FCA List is there to give you a heads-up. Do your research and be smart before you invest your hard-earned money! If you are looking for legitimate ways to increase your retirement funds, consider things like EPF or REITs.