Taiwan's Financial Supervisory Commission has issued a warning against investments made with unlicensed offshore providers, citing jail terms for violators, according to the Asian Investor news service.

Offshore financial advisors, asset managers and online fund management platforms have been coming in and out of Taiwan and tapping Taiwan's high net worth and mass affluent sectors. Their growing presence, although not necessarily the cause, has led to an also increased number of complaints and lawsuits prompting action from regulators.

Under a newly launched FSC campaign, the publication said, any asset raising or marketing endeavor made with unlicensed, thereby, illegal, offshore providers will be tantamount to a criminal jail sentence of up to five years and a fine of between NT$10,000 ($304) and NT$500,000.

Offshore providers are, thus, urged to partner with FSC-accredited banks, trusts, brokerages, securities investment consulting enterprises, and securities investment trust enterprises to avoid sanctions.

A complete list of licensed offshore providers and financial products is available from the web sites of Taiwan FundClear, Taiwan Securities Association, and the Securities Investment Trust & Consulting Association of the ROC.