News & Warnings

The FSMA warns the public against the fraudulent activities of Loan Syndicate - LSNetbank

Warnings
07/12/2017

The Financial Services and Markets Authority (FSMA) warns the public against the fraudulent activities of Loan Syndicate or LSNetbank, a company that is offering credit illegally to consumers.

Loan Syndicate / LSNetbank is not authorized in Belgium as a lender. Therefore, this company may not offer credit in Belgium.

According to the information available to the FSMA, it seems that the credit being offered by Loan Syndicate / LSNetbank is entirely fraudulent. The company operates as follows: if a consumer tries to take up the offer, he or she is asked to pay an insurance premium. Once these costs have been paid, the consumer does not receive the credit, and it is almost impossible to recover the sums that were paid. More information about this type of fraud is available in the general warning published by the FSMA on 22 September 2017.

Moreover, Loan Syndicate has already been the subject of a warning published by the supervisory authority of the Netherlands (AFM).

The FSMA therefore strongly advises against responding to any offers of credit made by Loan Syndicate and against transferring money to any account number it might mention.

Loan Syndicate / LSNetbank uses the website www.loansyndicate.net and www.lsnetbank.com and the following coordinates:

Address:       Westpac House, 91 King William St., Adelaide SA 5000, Australia

E-mail:          sales@loansyndicate.net, sales@lsnetbank.com and lsnpromo4@loansyndicate.net

Tel.:               084-0030869 and 070-422802

Would you like to enquire more generally as to whether a transaction being proposed complies with the financial legislation? Please use the search function on the FSMA website. You can also contact the FSMA directly via the consumer contact form.