Italy’s Consob Orders Blocking of 8 Websites for Unauthorised Investment Services

The Italian financial regulator, Consob, has ordered the blocking of eight new websites offering investment services without the required authorisation. The action forms part of the Authority’s ongoing supervisory efforts to combat online financial abuse and safeguard retail investors from unlawful operators targeting the Italian market.

The websites were found to be providing investment services in breach of the Consolidated Law on Finance, without holding the necessary licence to operate in Italy. Exercising the powers conferred under the “Growth Decree” (Law No. 58 of 28 June 2019, Article 36, paragraph 2-terdecies), Consob instructed Internet service providers to block access to the abusive platforms.

With the latest measures, the total number of websites blocked by Consob since July 2019 has risen to 1,570. Internet connectivity providers operating in Italy are in the process of implementing the blackouts; for technical reasons, it may take several days before the blocking becomes fully effective.

The Authority reiterates the importance of exercising utmost diligence when making investment decisions. Investors are urged to verify in advance that any intermediary offering financial or crypto-asset services is duly authorised and that any public offering of financial products is supported by a published prospectus or white paper where required.

BrokersView reminds you the growing sophistication of online scams. Fraudulent schemes increasingly rely on cloned websites, deceptive email campaigns, impersonation of authorised entities, and fabricated endorsements attributed to public figures. In addition, artificial intelligence tools are being misused to create manipulated images, audio, and video content designed to mislead savers and induce harmful financial decisions.

Consob has ordered the following subjects to cease violating Article 18 of Legislative Decree No. 58 of 24 February 1998, pursuant to Article 7-octies, letter b) of the same legislative decree: