QFC Regulatory Authority Warns Consumers against Fake Investment Fund

Doha, July 10 (QNA) - The QFC Regulatory Authority on Wednesday strongly warned investors and consumers of an investment fund claiming to operate from Tornado Tower in Doha. "The Regulatory Authority strongly advises people to avoid any dealings with a company called 'Portable Fund' and 'Portable Revenue System,' and any person connected with the company," it said in a press release. According to the statement, the company in question makes three false claims on its website, namely; that it is authorized by the Regulatory Authority, that it was licensed by the Qatar Financial Centre Authority in April 2007, and that it has an office in Tornado Tower. The Regulatory Authority added that the fact that Portable Fund and Portable Revenue System (Portable) is not part of the QFC and it is not regulated by the QFC Regulatory Authority means that customers of Portable are not protected by QFC consumer protection legislation. If a consumer is offered financial services or advice by a firm, the statement noted, it is important that they make sure the firm is properly regulated to conduct financial services, and that they will benefit from the applicable protections afforded to consumers. A firm that is properly regulated will be able to provide that confirmation by referring the consumer to the public records maintained by their regulator. "This company has made false claims about being authorized and licensed to conduct financial services in the Qatar Financial Centre. These misrepresentations are a clear warning sign that the company should be avoided," said QFC Regulatory Authority CEO Michael Ryan. Ryan added that the Regulatory Authority is "taking all appropriate actions to require Portable to withdraw the false statements" regarding its status. (QNA)