Italian regulator CONSOB warns against Richmond Investing
Italy’s National Commission for Companies and the Stock Exchange (CONSOB) issued a warning against forex broker Richmond Investing. The regulator does not provide much information, except that Richmond Investing is not authorized to provide services in Italy.
Commissione Nazionale per le Società e la Borsa (CONSOB; Italian Companies and Exchange Commission) is the government authority of Italy responsible for regulating the Italian securities market. This includes the regulation of the Italian stock exchange, the Borsa Italiana.
Richmond Investing is a broker that operates through the website www.richmondinvesting.com and offers Forex, commodities, indices and stocks trading. Company Marshall Islands provides online trading services via its brand “Richmond Investing” and its European billing agent and richmondinvesting.com website and domain registrar. It is clear that the owner-company is registered offshore, which is already a disadvantage of trading with this broker.
A few months ago Richmond Investing has been providing a different information about its owner-company and location. Back in September, the broker was banned by the FCA and it claimed to be located in Scotland and owned by Zurix Corporation Ltd. (registered in the Marshall Islands). As we can see, the offshore location hasn’t changed, so assume, the company changes its credentials in order to erase bad reputation and warnings that were issued against it.
Considering the above, we highly recommend to avoid Richmond Investing and select a decent and licensed broker instead. Investing with a properly regulated broker is crucial for the safety of any investment. Here we should note that along with FCA, the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC), two other well-respected institutions, also enforce strict regulatory standards upon all brokers in their jurisdiction.
You can read our review on this broker here.