The Malta Financial Services Authority (MFSA) has become the third European regulator to warn investors about a financial advice firm called Tower of London Worldwide.
The company says on its website that it offers “wealth management and preservation advice, financial planning strategies, consultations, portfolio management and bespoke tailored solutions, specific to each individual’s unique needs, shortfalls and portfolios”.
Tower of London Worldwide also claims to be “a fully licensed and regulated financial advisory” operating in a number of jurisdictions, including Malta.
But the MFSA said in a statement that it “wishes to alert the public, in Malta and abroad, that Tower of London Worldwide is not licensed or otherwise authorised by the MFSA to provide any financial services which are required to be licensed or otherwise authorised under Maltese law”.
The MFSA warning is not the first, as the UK’s Financial Conduct Authority (FCA) and the Swiss Financial Market Supervisory Authority (Finma) have already cautioned investors against dealing with Tower of London Worldwide.
This highlights how big of a problem it is for regulators to fight rogue players in the advice industry, as websites can still appear with false claims, even after several warnings.
Details
Tower of London Worldwide says that it is part of the Trafalgar Group.
The firm says that it has offices in the UK, Russia, Switzerland, the Netherlands, Malta, Dubai, India, Hong Kong, Thailand and the US.
International Adviser tried to contact the firm; however, but it did not reply in time for publication.
