Established by the Central Bank of Nigeria in 1994, FSRCC is an inter-agency body set up to deal with matters of common interest and concern to the various regulatory and supervisory authorities in the financial services industry.
Member agencies include the CBN, Corporate Affairs Commission , federal ministry of finance, National Insurance Commission , National Pension Commission , Nigeria Deposit Insurance Commission , Securities and Exchange Commission , the Nigerian Stock Exchange, Abuja Securities and Commodity Exchange Plc, and the Federal Inland Revenue Service .
The committee encouraged citizens to refrain from dealing with IFOs and verify the licensing status of companies and schemes on the websites of the CBN, SEC, NAICOM and PenCom before investing in them. “The Financial Services Regulation and Coordinating Committee , in collaboration with National Broadcasting Commission , wishes to draw the attention of the public to the worrisome increase in the activities of Illegal Financial Operators which portends grave risk to the public confidence and stability of the Nigerian Financial System,” the advisory reads in part.
The FSRCC also said its member agencies will continue to engage in regular sensitisation campaigns on the threats posed by the activities of IFOs.