Consob Blocks 5 New Illegal Financial Websites

Italy’s financial regulator, Consob announced the blackout of 5 new illegal financial websites. Additionally, the regulator mentioned that it has signed a framework agreement with the Institute for the Supervision of Insurance (Ivass) for collaboration.

Since July 2019, Consob has blocked a total of 537 illegal financial websites in the country. The authority highlighted the importance of due diligence and awareness in financial investments. Consob has significantly increased its efforts against fraudulent actors since the start of 2021.

“Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published,” the authority mentioned.

Consob has ordered the blockage of the websites of Axis Solutions, Brocprime, Wabbit Group, Seabreeze Partners LTD and Llajes Services. Due to some technical reasons, it will take several days for the black-out to come into effect.

Partnership with Ivass

In an effort to protect investors, Consob and Ivass have signed a framework agreement for collaboration and coordination in their respective control activities. “The agreement strengthens, also as a consequence of the evolution of European legislation, the already existing successful cooperation to increase the overall degree of effectiveness and efficiency of the two Authorities in guaranteeing investor protection and adequate protection of policyholders as well as stability of the financial and insurance system. The agreement provides the commitment of each Authority to provide the other with the widest and most effective collaboration,” Consob mentioned.

Last month, Chiara Mosca took on her role as Commissioner of Consob. During the second week of October 2021, the regulator blocked 6 unauthorized financial websites. According to the press release issued by Consob, the websites were illegally offering financial services.