Everyone is currently in receipt of a letter from ASIC, Australia Post, ACC and the Victoria Police in regards to current Investment Frauds. Please click here to view some information which is may be relevant to you in regards to this. If you require any more information please contact your Financial Planner today to discuss further
Documents you must be given
Before they provide you with any services, your financial service provider must give you their financial services guide which will explain:
- The financial services being offered
- The fees charged
- How the person or company providing the service will deal with complaints
If the financial services relate to carbon credits, they must also tell you how to find the Clean Energy Regulator’s Concise Descriptions of the units.
If you are considering investing in projects that aim to earn Australian carbon credit units (ACCUs), you should also read the Clean Energy Regulators fact sheet: Investing in the Carbon Farming Initiative.
Farmers establishing offset projects
If you are a farmer and you are offered financial advice about establishing a carbon offset project, make sure the adviser is registered or licensed before you deal with them. You can check ASIC’s carbon register to make sure they are registered. Once they become licensed you can check their names on ASIC Connect’s Professional Registers.
The adviser must also give you the full list of documents described above.
Be wary of calls or emails out of the blue offering you carbon credits for sale as they could be scams.
If the caller claims they can generate Australian carbon credit units through a carbon offset project, check if the project is listed on the Clean Energy Regulator’s Register of Offset Projects. If it is not it could be a scam. If you think someone is making false claims about a carbon offset project you should complain to ASIC.
You can also complain to the Clean Energy Regulator by emailing firstname.lastname@example.org
See more about investment scams.
The carbon credit market is new in Australia. Make sure you know what you are investing in before you put your money on the line.
Read these true stories of people caught up in investment scams:
- Case study boiler room scam – Mark invests in an overseas company
Case study investment scam – Malcolm and the persistent caller
And find out about other types of investment scams: