106 Complaints Filed Against Securities Firms For Q4/12; Egypt’s FSA Says

Egypt’s financial regulator – the Egyptian Financial Supervisory Authority (EFSA) said it has received during the fourth quarter of 2012 around 106 new complaints against securities firms. Accordingly the total number of the current complaints received by the EFSA has hiked to 183. The number of complaints under study was 77.

The EFSA said 108 complaints were studied during Q4/2012, while 75 others are still study.

The EFSA said the complaints during Q4/2012 were about the blank sale and purchase orders through the intermediary obtaining finance from him in amounts exceeding the investor’s financial capability.

EFSA noted that 28 complaints been handled which are equivalent to 26% of the total number of complaints reviewed.