Heads Up About Financial Products and Services
Have you ever heard of an investment opportunity that sounds too good to be true? You can checked out the FCA list to see whether is it authoried by BNM. But even though it is not listed, do bear in mind most of the times when it is too good to be true or does not make sense, most probably it is a scam. Do more due dilegence before invest your hard earned money.
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’re really not. This list helps you see through that. The FCA List gets updated with info from people like you. BNM checks things out and adds things to the list if they seem suspicious.
So, how can this list help you? If you’re thinking about investing in something, check the FCA List first. It’s one way to see if BNM has given the thumbs-down to that particular company or plan.
Important Side Note: Not being on the list doesn’t mean something is automatically okay. Be cautious with any investment, just like you would be!
Remember, the FCA List is there to give you a heads-up. Do your research and be smart before you invest your hard-earned money! You can visit the list here.