FCMC issues alert about an unauthorized service provider in the UK

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Riga, 15.10.2010

Press Release

FCMC issues alert about unauthorized service provider in the UK

Financial and Capital Market Commission of the Republic of Latvia (FCMC) possesses information about an investment management company Fortitude Asset Consultants which is allegedly registered/authorized in Latvia and offers services in the United Kingdom, however, the company is not authorized to provide such services.

FCMC has received alert from the UK Financial Services Authority (FSA) regarding unauthorized activities of the company Fortitude Asset Consultants in the United Kingdom. The company declared its headquarters address in Latvia (Brīvības iela 47/20 Riga). FSA notified FCMC that the UK supervisory authority had not authorized the company Fortitude Asset Consultants to operate in the United Kingdom.

Moreover, the company Fortitude Asset Consultants has not obtained a licence under regulatory requirements in Latvia to carry out investment and ancillary services. Thus the company is not authorized to offer or provide investment or ancillary services in Latvia.

Though the company Fortitude Asset Consultants on its website has declared its headquarters address (section: ABOUT US; www.fortitudeassetconsultants.com) and also contact address in Latvia: Brīvības iela 47/20, Riga LV- 1011 (section: CONTACT US), according to information in FCMC possession, the company under the name Fortitude Asset Consultants is not registered as a legal entity with the Commercial Register of Latvia as required by the Commercial Law.

Unauthorized commercial activities by accepting deposits or attracting investments are subject to criminal culpability. FCMC does not exercise supervision over activities of such companies and therefore no legal protection is provided to investors’ interests by the state.

FCMC encourages investors to verify that a potential investment or asset management service provider is authorized to offer such services. Full list of legal entities that are authorized to perform activities in Latvia is available on the FCMC website section: Market Participants (address: www.fktk.lv).

Anna Dravniece
Head of FCMC Office

Ieva Upleja
Chief PR Specialist of FCMC
Telephone: +371 67774807,email:ieva.upleja@fktk.lv


Kungu iela 1, Riga, LV-1050
6 7774800
To report on unauthorised firms
Data protection

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