The Austrian Financial Market Authority has asked HNW investors to avoid conducting bank transactions with Werte Consulting AG, a firm that helps its customers invest in private equity, funds and stocks and also helps them trade in securities, commodities and currencies.

The Werte Consulting website says: "Our special expertise lies primarily in the field of direct equity investments and equity financing. Due to our many years of experience in these areas, it is possible for us to offer our customers exclusive and interesting private equity investments in companies as well as directly with banks."

The FMA, which was founded in 2002, supervises banks, insurance undertakings, pensionskassen (pension companies), corporate provision funds, investment firms, investment service providers, investment funds, financial conglomerates and exchange operating companies. It can issue binding standards, such as regulations and decisions, or impose sanctions such as the withdrawal of licences to operate, the relief of chief executives of their office or administrative penalty fines of up to €150,000.

The FMA first issued its warning on Friday in the official gazette whose title is Amtsblatt zur Wiener Zeitung. Two weeks ago it also warned investors not to deal with van Buren Investment Inc., which it says it not entitled to provide investments services requiring a licence in Austria.