UIB fine by DFSA highlights risk of trusting UAE investment advisers « ArabianMoney:
"
The Dubai Financial Services Authority has slapped a paltry $50,000 fine on the United Investment Bank for failing to provide appropriate safeguards for its financial products. This case highlights the risks of placing trust in unknown and unproven investment houses in an offshore location like Dubai.
The DFSA cited weaknesses in UIB’s ’systems and controls’ for custodian services that hold share certificates or other assets with a third party on behalf of an individual or company. The National newspaper reported that in one instance UIB failed completely to provide these services despite an explicit contract to do so in its prospectus."
'via Blog this'
No comments:
Post a Comment