Spectrum Wealth Adviser, Gurumukh Singh Mehra, has been banned from providing financial services for a period of three years, after ASIC surveillance showed he failed to act in his clients’ best interests, the Australian regulator informed earlier today. Through ASIC’s surveillance of life insurance advice, it was found Mr Mehra had failed to: make reasonable…
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Abu Dhabi Securities Exchange (ADX), the region's leading financial market, together with Aldar Properties PJSC (Alda”), has informed the public that it has listed Aldar Investments’ new sukuk, marking the first corporate sukuk ever to be listed on the exchange. The sukuk, which was raised at a profit rate of 4.75% with a 7 year…
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UK financial regulator Financial Conduct Authority (FCA) has issued its latest warning against an unregulated financial services provider targeting UK consumers. The FCA’s latest warning is against the company Franklin Law Office. Franklin Law Office is not authorised by the FCA but has been targeting people in the UK and is also carrying on regulated…
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The Financial Conduct Authority (FCA) and the Hong Kong Securities and Futures Commission (SFC) have entered into a Memorandum of Understanding on Mutual Recognition of Funds (MoU), which will allow eligible Hong Kong public funds and United Kingdom retail funds to be distributed in each other’s market through a streamlined process. The MoU also establishes…
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SIX, the index provider for the Swiss Market, has just announced that it has licensed the SARON (Swiss Average Rate Overnight) to the derivative exchange EUREX as underlying for Futures contract. SARON represents the overnight interest rate of the secured funding market for Swiss franc (CHF). It is based on transactions and quotes made on…
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The UK Financial Conduct Authority (FCA) has put out details of the cloned firm Fast Loan Credit of UK. Fraudsters are using the details of firms, authorised by the FCA, to try to convince people that they work for a genuine, authorised firm. Fraudsters are using or giving out the following details as part of…
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The Hong Kong Securities and Futures Commission (SFC) has announced that it has banned Ms Lok Wai Fong, a former employee of Bank of China (Hong Kong) Limited (Bank), from re-entering the industry for life. The disciplinary action follows an SFC investigation which found that from April 2009 to January 2012, Lok transferred a sum…
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New Zealand’s exchange (NZX) has informed that its board has rejected six unreasonable demands Elevation Capital placed on the company. The demands are attached, however to summarise the key demands and NZX’s response: Demand from Elevation Capital: that Elevation is immediately granted three directors (Craig Stobo, Christopher Swasbrook and Michael Daniels) on the NZX board.…
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An ongoing ASIC investigation has resulted in the permanent banning of former National Australia Bank (NAB) branch manager Mathew Alwan from engaging in credit activities and providing financial services. The ban is the result of an extensive ASIC investigation in respect of NAB employees in greater western Sydney who were accepting false documents in support…
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The Tokyo Commodity Exchange, Inc. (TOCOM) has announced that their new Technically Specified Rubber (TSR) futures contracts will list on October 9, 2018 after receiving regulatory approval from the Minister of Agriculture, Forestry and Fisheries and the Minister of Economy, Trade and Industry today. TSR is a class of natural rubber and, along with Ribbed…
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