FRSCC 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.
It said the unlicensed/illegal operators lure and defraud unsuspecting members of the public by offering extraordinary returns on investments as bait. The committee said financial regulatory agencies would continue to carry out all necessary due diligence before registering/licensing any operator under their regulatory purview.
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