BMA issues warning over Renfrew Capital
The Bermuda Monetary Authority has issued a public warning regarding Renfrew Capital Management.
The BMA said Renfrew is operating a website at http://renfrewcapitalmgmt.co/ that appears to offer investment services from Bermuda and Ireland.
The island’s financial regulator said Renfrew has not been issued any licences by the BMA, which it said would be required to legitimately offer the services described on its website.
The BMA said it has found that the content on the web pages has been copied directly from regulated financial service providers, which it said is not typical of legitimate websites.
On June 28, the BMA said, the Central Bank of Ireland issued a public warning regarding Renfrew Capital Management and its use of a now defunct cloned website.
The BMA said conducting business with unregulated entities carries increased risk for potential investors, adding that anyone who conducts business with this entity does so at his or her own risk.
The BMA also reminded the public that it is an offence under Section 12 of the Investment Business Act 2003 to conduct investment business without a licence.