Time to kick the cowboys out of town. Regulators set to get tough on unlicensed financial advisers.

Lewis Greene | 02 April 2017

Globaleye is leading the charge in the campaign to rid the UAE of unlicensed financial services companies.

 

For all too long, unsuspecting clients have been cold-called and cajoled into investing in unrealistic investment funds with massively over-priced fees. However, alongside the UAE Insurance Authority’s stipulation for rigorous checks on employees, new moves are expected to outlaw indemnified commissions.  

 

Globaleye's Recruitment Director, Lewis Greene, believes the industry will benefit from tighter screening.

 

“It is of critical importance for this industry that operators screen their candidates thoroughly. Potential employees should ideally be selected from heavily regulated backgrounds and recruiters should be doing their part to ensure detailed referencing, FCA background and track-record checks are made”.

 

In the UAE, commission-based financial advisory companies have long since been undermining the work of financial institutions, but with regulatory changes coming into force in the industry, Mr. Greene believes it will be a game changer.

 

“It is so important for other providers to follow suit and operate in a straightforward and honest manner. We take a thorough approach to our screening practices – it’s the only way to ensure we deliver the best possible Regulated Financial Planning Advice."

 

If you’re currently invested in a fund or pursuing options, ensure you use a licensed advisory. You can check if your provider is regulated by visiting the Insurance Authority website.

 

If you are concerned that you are being over-charged by your current fund, Globaleye is happy to offer you a free and confidential review to see if it’s possible to recover your losses through more suitable investments. Contact enquiry@globaleye.com or pop into our head office on Jumeirah Beach Road. 

Tags: UAE Regulation Insurance Authority

Share This