Broker Review

Unauthorised Firm Details

Name: Modernassetmicrofinance.com
Website: www.modernassetmicrofinance.com

MODERN ASSET MICROFINANCE, accessible via modernassetmicrofinance.com, presents itself as an investment platform offering various account types, including “Personal,” “Savings,” “Retirement,” “Joint,” and “Company” accounts.

However, during our investigation, we found that on December 4th, 2024, the Financial Conduct Authority (FCA) issued a warning about this firm.

The company claims to operate from Woodbury Road, Halesowen, United Kingdom, all firms providing financial services in the UK are legally required to be authorized by the FCA. MODERN ASSET MICROFINANCE appears to be operating without such authorization, making it an unauthorized financial entity.

Further scrutiny revealed that the domain modernassetmicrofinance.com was only registered recently on October 26th, 2024, for a one-year term. The domain is also registered under privacy protection, concealing the registrant’s identity. Notably, the registration lists Nigeria a West African country as the country of origin, which contradicts the UK location stated on their website. It is highly unusual for a company claiming to operate in the UK to be registered in Nigeria and remain unregulated.

🔴 Red Flags: MODERN ASSET MICROFINANCE

1. FCA Warning

   • On December 4th, 2024, the UK Financial Conduct Authority (FCA) publicly warned that the firm “may be providing or promoting financial services or products without our permission” and advised consumers to avoid dealing with them.

2. Lack of FCA Authorization

   • Despite claiming to operate in the United Kingdom, the company is not authorized or registered with the FCA  a legal requirement for all UK-based financial firms.

3. Fake or Misleading Location

   • Claims a UK address (Woodbury Road, Halesowen) but the domain is registered in Nigeria, raising questions about its actual base of operations and trustworthiness.

4. Recently Registered Domain

   • The website modernassetmicrofinance.com was only registered on October 26th, 2024, for a one-year term  a common tactic used by scam websites that disappear quickly.

5. Anonymous Website Registration

   • The domain is registered using privacy protection services, hiding the identity of the owner  often a sign of attempts to evade accountability.

6. Inconsistent Business Information

   • The listed country of registration (Nigeria) conflicts with the UK location claimed on the website, suggesting false representation.

7. Reports of Fraudulent Activity

   • Multiple complaints and reports of scams have been received during the investigation, including negative reviews on trusted consumer feedback platforms.

8. Unverified Investment Products

   • Offers various financial accounts (“Personal”, “Retirement”, “Company”, etc.) without any proof of legitimacy, licensing, or regulatory oversight.