Allen Stanford affair hits UK sport
The ongoing fallout from the Allen Stanford investigation in the US has reached the UK with the ECB announcing a total withdrawal of sponsorship by the Stanford Group. This could not have come at a worse time for the ECB as English cricket struggles to compete with the array of overseas competitions and leagues coming into play. There is some suggestion that the ECB took a large risk by accepting assistance from Allen Stanford and his Stanford Group as a number of other cricketing associations around the world appear to have refused his previous invitations.
Very often when we mention potential frauds and potential criminal activity (remembering that nothing has been proven against Allen Stanford or the Stanford Group) it is centred upon the individual. However, it is worthwhile remembering that many businesses are actually the potential victims of unlawful activity. Scams and frauds have increased dramatically over the last few months as both individuals and businesses around the world strive to maintain their income levels and future investment.
While the ECB has been called into question regarding the decision to get involved with the Stanford Group, far more serious questions are now being asked of the various regulators around the world who appear to have been "on the case" of Allen Stanford some time ago.
Share this..
Related stories
British Airways under more pressure
Yesterday's attempted terrorist attack on a plane bound for the US has led to a massive crackdown on security and substantial delays on all flights to the US. The US authorities have pushed through a number of immediate security "improvements" which will see hand luggage restrictions put in place and see companies such as British Airways incurring significant costs. This could not have come at a w...
Read MoreBarclays extends Smartphone cheque scheme
05/12/2014 One million more people will be invited to take part in a scheme, which allows people to pay a cheque into their bank account by taking a photo of it on their smart phone. Barclays, who are running the scheme, have only made this available to a few thousand customers so far, but plan on extending the scheme to one million more customers thanks to its success. Customers who ar...
Read MoreISA Transfers In Chaos
A recent investigation by the Daily Mail Money team found that the UK ISA sector is in total chaos with many customers now unsure exactly what is happening with their ISAs, who is in control and even where their money is!
It has been reported that many ISA providers are taking literally months to complete tasks which should only take a maximum of 30 days, leaving many customers out...
Generation gap in FTB market perceptions
08/06/2015 A new study by high street bank Halifax has found that there are wide differences in perceptions of the first time buyer market between generations. The study found that 12% of parents believe it is “virtually impossible for first-time buyers to obtain a mortgage”, yet this rises to 21%, or one in five for prospective first time buyers. Halifax interviewed over 40,000 20 to...
Read MoreCan self regulation ever work?
As the UK government and UK regulators become ever more entwined within the foundations of the UK financial sector many are asking the question - Can self regulation ever work?
Self-regulation has been a central support of the UK financial sector for many years and indeed governments and regulators have invested significant time and money in this particular field. While ultimately s...