Monday 26th January 2015
NEWS TICKER: MONDAY JANUARY 26TH 2015: The Financial Services Compensation Scheme (FSCS) has declared 10 financial advice firms in default. The FSCS has started paying compensation in respect of 13 firms, including seven investment advice firms and three life and pension advice firms that have gone into default. The financial advice firms which have entered default, according to the scheme are: Barry Norris & Associates, Premier Financial Advice, The Financial Consultancy (UK), True Financial Management (formerly HNL Financial Services), Unleash Advice Partnership, and AJ Buckley Financial Management formerly AJ Buckley Overseas, City Insurance Consultants. Last week, the FSCS published its plan and budget for the coming year, which revealed investment advisers would be paying £125m towards the FSCS annual levy for 2015/16. Life and pension intermediaries are paying a £57m levy, an increase of £24m compared to the £33m the FSCS levied against the funding sub-class for 2014/15. Since it was set up in 2001, the FSCS has paid out more than£975 million in compensation to customers of defaulted advice firms. In November 2014, the FSCS said it had dealt with the default of 2,391 independent advice firms since it was set up. - Retail Sales in the United Kingdom unexpectedly increased in December, as the drop in oil prices boosted the country’s spending power. The increase came from a 5.2% gain in computers, telecoms, toys, and sporting goods sales, while food sales alone contributed 1.3%. There was a decline in sales of some items, such as clothing and household goods, reflecting a boost from Black Friday discounts the previous month - The Source Goldman Sachs Equity Factor Index Europe UCITS ETF has been launched, the second Source ETF to be launched that provides access to Goldman Sachs’ multi-factor indices. “Smart beta funds have proven successful in certain markets, providing investors with the potential to generate better returns than the more common market-cap weighted benchmarks, particularly on a risk-adjusted basis,” says Michael John Lytle, chief development officer at Source. “The Goldman Sachs series of factor-based indices offer exposure to multiple factors, rather than just the one or two that are applied to many other funds on the market.” – Mixed news from the US over the weekend. Housing starts in the US surged, as builders broke ground in December on the most houses in almost seven years. Work began on 728,000 houses at an annual rate, a 7.2% increase from November and the most since March 2008. On the other hand, building permits, a representation for future construction declined 1.9% in December to a 1.03m pace, however more Americans filed applications for unemployment benefits last week, signaling that the holiday employment turnover is taking its toll on the jobs market. Jobless claims dropped by 10,000 to 307,000 in the week ending January 17th down from a revised rate of 317,000 in the prior week, a Labor department report shows. Applications for jobless benefits were expected to decline to 300,000, according to market surveys by economists - German ZEW Center for European Economic Research in Mannheim said its index of investor and analyst expectations, which aims to predict economic developments six months in advance, climbed for a third consecutive month in January to 48.4 from 34.9 in December. Economists forecast an increase to 40, according to the median of 37 estimates in a Bloomberg News survey. The sentiment index jumped to the highest level in 11 months - Singapore Exchange is partnering Clearbridge Accelerator to address financing gaps small and medium-sized enterprises (SMEs) and entrepreneurs face by providing the investing community with greater transparency. SGX said on Monday (Jan 26) it signed a Memorandum of Understanding (MoU) with CBA, a Singapore venture capital and incubation firm specialising in early-stage investments. Under the agreement, both parties will form a joint-venture (JV) company to develop the fund-raising platform, which aims to address financing gaps SMEs and entrepreneurs face by providing the investing community with greater transparency. The JV will identify and form a strategic equity partnership with an experienced platform operator and industry stakeholders such as financial institutions to operate the new capital-raising platform. It will also identify other partners and collaborators to create demand among investors for the offerings on the platform, according to the press release. The move to help smaller firms raise funding marks the entry of SGX into a new business area. Besides operating the stock market, which caters to the equity needs of more to established firms, SGX also offers a platform for bonds as well as derivatives and commodities. Enterprise development agency SPRING Singapore will play a supporting role in the formation of the JV, as part of its ongoing efforts to make the financing environment more conducive to SMEs and entrepreneurs, the statement added. - Hedge funds swung to betting on price falls in cotton, soybeans and wheat, amid ideas of easier supplies, as they cut bullish positioning in agricultural commodities to the weakest in three months Managed money, a proxy for speculators, cut its net long position in futures and options in the top 13 US-traded agricultural commodities, from coffee to cattle, by more than 43,000 contracts in the week to last Tuesday, according to data from the Commodity Futures Trading Commission regulator - Richard Bruton TD, Minister for Jobs, Enterprise and Innovation, today announced that the Viagogo Group, which operates www.viagogo.com, the ticket marketplace, intends to double its workforce in Ireland over the next three years, taking it from 100 to over 200 employees. The jobs are supported by the Department of Jobs, Enterprise and Innovation through IDA Ireland -

Scam alert from Dubai FSA

Sunday, 08 January 2012
Scam alert from Dubai FSA The Dubai Financial Services Authority (DFSA) has issued an alert to false, misleading and deceptive statements made on the following bogus websites- http://www.difc-ib.com/ae/ and www.difcbk.com. http://www.ftseglobalmarkets.com/

The Dubai Financial Services Authority (DFSA) has issued an alert to "false, misleading and deceptive statements made on the following bogus websites- http://www.difc-ib.com/ae/ and www.difcbk.com."

According to the DFSA alert, the websites fraudulently state that the DIFC Investment Bank (DIFC Bank) is a subsidiary of the Dubai International Financial Centre (DIFC) in the UK. The DIFC logo has been reproduced and used as the logo for the bogus DIFC Bank. 

The bogus websites also contain a statement that the DIFC Bank “obtained authorised status under the Banking Act in 1987” and is authorised and regulated by the UK Financial Services Authority (FSA) - registration number 204439. The website can be viewed here.

The DIFC is a financial free zone, not a financial institution and does not carry on financial services activities in the UAE, the UK or at all. The DIFC Investment Bank is neither registered nor authorised by either the DIFC or the DFSA.

The site and the products and services said to be offered by DIFC Bank are a scam.

According to the FSA Register, which can be found online at www.fsa.gov.uk/register/home.do, the DIFC Bank is not registered or authorised by the FSA to provide financial services in the UK. The registration number stated on the DIFC Bank website as belonging to the DIFC Bank, in fact belongs to another firm.

The statements on the website are therefore false and/or misleading and deceptive. In addition, the DIFC’s name and logo are being used without authorisation.

The DFSA strongly advises the financial community not to deal with the bogus DIFC Bank or persons connected with the fraudulent websites.



If you have any concerns about the authenticity of a firm’s regulatory status in the Emirate, the DFSA says you should direct your concerns to the DFSA Complaints function by accessing the complaints portal on the DFSA website or by calling the DFSA on +971 4 362 1 576.

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