We are becoming more transparent - client assets in Finax have been verified by an auditor
Are you also angry when financial institutions withhold information from you or make it inaccessible? Since the foundation, Finax has opted for a different approach. And we are taking the transparency one step further.
Juraj Hrbatý | News | 4. June 2021
Before Rado and I founded Finax, we both worked in companies in which provision of information to clients beyond the law was off limits. No one wanted clients to see how much the company makes off them, or how much of the clients’ assets is being managed.
In Finax, we decided to change these practices. We want to share data of the entire company with you just as transparently as we manage your money.
If clients are to trust us, we must be able to "strip naked" in front of them. Because faith alone is not enough when dealing with money, you need to have complete certainty.
As a first step, we decided to prove that we actually hold the assets we manage for our clients.
In addition to the law, we asked our auditor, BDO, which ranks 5th worldwide in the provision of audit services, to verify the value of assets under our management as of December 31, 2020.
Finax holds client assets separately from its own asset, in accounts that are designated as client accounts. This is a legal requirement and the NBS, as a regulator, strictly oversees this.
Securities are purchased through Linear Investments Ltd, which also manages these securities. Moreover, we also have a portion of cash under their manager. Remaining cash is in our account in renowned Central European banks: Tatra bank, Česká spořitelna, mBank, OTP and Raiffeisenbank Croatia.
The volume of assets under management was at the end of 2020 in the amount of EUR 78,581,880 and it corresponds to the declared volume of client assets.
Finax has made a commitment to disclose client assets on a regular basis in the future, so that we continue to build trust of our clients. Your trust is the most valuable asset for us.