Comptroller's Florida NewsLetter.TALLAHASSEE, Fla.--(BUSINESS WIRE)--Sept. 17, 1996--Welcome to the inaugural issue of the Comptroller's Florida newsletter. As the chief fiscal officer of the state, the Comptroller serves as the "watchdog" of public funds See Fund, 3. See also: Public , protects the financial interests of Florida's citizens, and strives to support the financial industries regulated under the jurisdiction of the Department of Banking and Finance. The Office of the Comptroller has developed this monthly newsletter to keep Floridians better informed of the issues affecting their financial future. As with everything we do, your comments and suggestions regarding this evolving publication are appreciated. -- In June, Florida joined securities regulators from New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , California, Texas and other states in entering into a settlement agreement with Lloyd's of London Not to be confused with Lloyds Bank or Lloyd's Register. Lloyd's of London is a British insurance market. It serves as a meeting place where multiple financial backers or “members”, whether individuals (traditionally known as . The proposed settlement will create a maximum pool of $62 million in credits, which would lower the amount that U.S. investors, known as "Names," owe to Lloyd's, by an average of 23 percent. Lloyd's claims it lost billions of dollars in the years prior to 1992, and American investors had claimed that they were deceived into investing in the volatile underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. business. -- Protect your nest-egg. More than 2 million Florida seniors rely on investments for some part of their income. This year in Florida, it became legal for banks to sell investments such as annuities. However, consumers should realize that these annuities are not insured by the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). and are subject to risk. Investors should take the following precautions precautions Infectious disease The constellation of activities intended to minimize exposure to an infectious agent; precautions imply that the isolation of an infected Pt is optional, but not mandatory. : -- define financial objectives -- verify your financial professional's credentials -- avoid pressure to act on investment decisions -- Know the difference between bank deposit & investment -- monitor your account statements closely. -- Loan fraud is on the rise. In June, the Comptroller's Financial Investigations division received 12 alerts regarding Canadian advance fee loan companies -- a 300% increase over the previous month. These companies were offering loans with the requirement that consumers pay "advance" fees from $178 to $600. -- Scam artists selling investments in so-called "wireless cable" telecommunications continue to operate, primarily from boiler rooms boiler room n. a telephone bank operation in which fast-talking telemarketers or campaigners attempt to sell stock, services, goods, or candidates and act as if they are calling from an established company or brokerage. in the South Florida area. One company, last known to be operating out of Fort Lauderdale Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla. under the names Star Tech Communications and Nova Communications, is offering a variation on the scheme, selling "personal communications systems In telecommunication, a communications system is a collection of individual communications networks, transmission systems, relay stations, tributary stations, and data terminal equipment (DTE) usually capable of interconnection and interoperation to form an integrated whole. ." -- A recent study found that many investors lack basic knowledge of the marketplace and take few precautions against fraud. For example: Eighty-eight percent of investors never checked the disciplinary record of their broker or financial partner; a survey of 701 investors found that they didn't understand the meaning of basic investment terms; and only 18% of investors have any idea what they are doing. -- Help is closer than you think. The Department of Banking and Finance now has full-service regional offices throughout Florida. Additionally, Florida financial information is also available on-line at http://www.dbf.state.fl.us. If you have a question or complaint regarding a financial institution or broker, if you want to find out whether a broker is licensed, or if you want to know if any complaints have been filed against an institution, call the office nearest you or phone the Comptroller's Hotline toll-free at 1-800-848-3792. -- Attention business owners! Did you know that checks and accounts, such as payroll, refunds and accounts payable items that remain outstanding, must be reported and delivered to the Comptroller as "abandoned?" The Abandoned Property Section handles the safekeeping Safekeeping The storage of assets or other items of value in a protected area. Notes: Individuals may use self-directed methods of safekeeping or the services of a bank or brokerage firm. and return of these abandoned assets. The Abandoned Property Section is hosting three conferences during the month of October 1996. The conferences, which are designed to familiarize businesses with the new requirements for reporting unclaimed property, will be held in Tallahassee, Orlando, and Miami. For more information regarding the conferences, or abandoned property in general, please call 904/488-0387, ext. 240. -- In addition to financial institutions, mortgage and securities brokers, the Comptroller is responsible for regulating pre-need funeral services funeral service n → misa de cuerpo presente funeral service n → service m funèbre funeral service funeral n . As of July 1996, Florida had: -- 169 licensed cemeteries -- 2,458 active pre-need sales agents -- 84 registered monument dealers In Florida, 40.47 percent of all post mortem [Latin, After death.] Pertaining to matters occurring after death. A term generally applied to an autopsy or examination of a corpse in order to ascertain the cause of death or to the inquisition for that purpose by the Coroner . services were cremations (compared to 19.8% nationally). While cremation cremation, disposal of a corpse by fire. It is an ancient and widespread practice, second only to burial. It has been found among the chiefdoms of the Pacific Northwest, among Northern Athapascan bands in Alaska, and among Canadian cultural groups. is cheaper than burial, the average cost for interment (including funeral services, transportation, burial plot, etc.) in South Florida in 1995 was $4,718 (compared to the national average of $4,077). When considering preneed funeral arrangements: -- Look for a reputable company -- read and understand the contract -- know what you're purchasing -- know how your purchase will be secured (trust funds, surety An individual who undertakes an obligation to pay a sum of money or to perform some duty or promise for another in the event that person fails to act. surety n. bond, letter of credit, insurance). If you have any questions regarding funeral service providers, call our toll-free funeral services hotline at 1-800-323-2627. -0- NOTE TO EDITORS: In the World Wide Web address noted in this news release, there is a double slash between http: and www.dbf.state.fl.us. These symbols may not appear properly in some systems. CONTACT: Office of the Comptroller, Tallahassee Department of Banking and Finance 904/488-0286 http://www.dbf.state.fl.us |
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