This was due to the FCIB receiving a court order from HM Revenue and Customs for the provision of documentation in connection with suspected ‘carousel fraud’.
IPT.cc, who specialise in helping the brokers, traders, resellers and distributors of volume mobile phones and accessories, have organised meetings with a new banking facility BFL Financial, based in Geneva, Switzerland.
The meetings, an opportunity to apply for new accounts are taking place this week. The first was at the Glasgow International Aiport Business Centre yesterday, and the second on The Strand in London today.
FCIB found that due to the mounting pressure by HM Revenue and Customs "processing of wire transfers for the Telecom and Computer Trader market has become increasingly difficult, if not impossible."
In a ‘Legal Update’ from Dass Solicitors, specialist tax solicitors who have a large number of traders as clients, Senior Partner Alias Dass stated "there are presently two possible scenarios facing trading companies with accounts at FCIB. The first is where FCIB decline to transfer the companyís funds because they say they are restrained from doing so by a court order. The second is where FCIB decline to transfer the companyís funds because of an assertion that they are entitled to do so by their terms and conditions. We have already seen this take place."
Those that have not had their accounts frozen will have to move their accounts by September 15th. The meetings will BFL Financial this week should help to make the transition simpler.
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