Watchdog slow to bark
Article Abstract:
The UK Securities and Investment Board (SIB) is seeking to provide greater protection for investors who trade in foreign currencies. Cathay and West is a currency trader which has been wound up, and investors are not likely to recover their funds. spot currency transactions are not covered by the 1986 Financial Services Act, and the SIB aims to tackle this loophole. Changes the SIB is seeking to bring in include ensuring that directors of firms involved in this activity are approved to carry out investment activities.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1995
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Cathay and West: hunt for cash
Article Abstract:
Cathay and West is a UK currency broker which has collpased. The company's clients could benefit from an investigation of Cathay and West's accounts abroad, especially in Hong Kong. The company was closed down by the UK Department of Trade and Industry (DTI), and the UK Securities and Investments Board (SIB) is seeking to regulate this sector. The DTI argues that the company's interests conflicted with those of its clients and its investment practices were not those which were advertised to clients.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1995
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Investors fall into loophole
Article Abstract:
UK foreign exchange dealers can persuade investors to become involved in risky currency operations, and this loophole is not covered by the UK Financial Services Act. The Securities and Investment Board is calling for the loophole to be closed. Cathay and West, a UK currency trader, has been closed down by the Department of Trade and Industry following an investigation. Investors do not know what their losses are until the complete winding up petition has been heard.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1995
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