The Monetary Authority of Singapore (MAS) publishes an Investor Alert List.

Who may provide financial services in Singapore?

Persons providing financial services in Singapore are required to be licensed, exempt or otherwise regulated by the Monetary Authority of Singapore (MAS) to carry out activities regulated under the relevant laws administered by MAS.

Why should consumers not deal with unregulated persons?

Consumers are strongly encouraged to deal only with persons that are regulated by MAS. MAS’ regulatory regime aims at safeguarding the interests of consumers by ensuring that only competent and professional persons may provide financial services.

The Investor Alert List

From time to time, MAS receives information on persons who are possibly conducting activities regulated by MAS without authorisation. These persons may target Singapore consumers, or overseas consumers by giving them the false impression that they are operating in Singapore. Some of these unregulated persons may sometimes use names similar to that of entities regulated by MAS.

FXCM, a popularly known brokerage in Singapore is on the alert list.