The Institute of Certified Investment and Financial Analysts (ICIFA) has warned the public of persons in the public domain fraudulently offering the services of investment and financial analysts without being registered and authorised to practice.
In a statement on Thursday, ICIFA flagged the operations of Doublecoinfx, a firm claiming to offer investments and financial analysis services.
“ICIFA has been made aware of such fraudster activities by Doublecoinfx, claiming to be acting as a firm registered by ICIFA pursuant to section 18 (1) (e) and 24 of the IFA Act. We hereby wish to notify the public that Doublecoinfx is not a firm registered with ICIFA,” noted ICIFA.
ICIFA is the professional Investment and Financial Analysts’ body mandated by law to regulate the investment and finance profession M Kenya, being the only body authorized by law to register and grant practicing certificates to Certified Investment and Financial Analysts (CIFAs) in Kenya both in private and public practice under the Investment and Financial Analysts Act (No.13 of 2015).
“Investment and financial analysis services in Kenya can only be offered by persons who are registered by ICIFA and authorized and licensed to practice as investment and financial analysts under the IFA Act. Any person offering the services of an investment and financial analyst without authority to practice as such is guilty of an offence punishable under Section 20 of the IFA Act,” added the statement.
“ICIFA will not be held liable for any loss incurred in relation with the investment products offered by Doublecoinfx.”
Pending further investigation, ICIFA has warned the public to refrain from investing in any of the products offered by Doublecoinfx.
“The public should seek professional investment and financial analysis services from an ICIFA practicing member or firm registered with ICIFA,” concluded the statement.