DIFC regulator suspends licence of Dubai financial services firm

Dubai Financial Services Authority suspends Morgan Gatsby Limited for period of 12 months
DIFC regulator suspends licence of Dubai financial services firm
The Dubai Financial Services Authority is the independent regulator for Dubai International Financial Centre.
By Sam Bridge
Mon 04 Feb 2019 02:08 PM

The Dubai Financial Services Authority, the independent regulator for Dubai International Financial Centre (DIFC), has announced the suspension of the licence of Morgan Gatsby Limited (MGL) for 12 months.

The authority said in a statement that the sanction is "consistent with its aim to protect direct and indirect users of the financial services industry in the DIFC". 

It added that MGL’s licence was suspended due to "serious concerns related to the adequacy of its human and financial resources, its non-compliance with DFSA rulebook requirements, and its failure to deal with the DFSA in an open and cooperative manner".

According to its website, Morgan Gatsby is a diversified financial services group based in Dubai which covers investment banking, wealth management and corporate advisory services.

Bryan Stirewalt, chief executive of the DFSA, said: “The DFSA will take immediate action to ensure the interests of its clients and the DIFC are protected.

"We will not hesitate to suspend a firm that repeatedly fails to comply with our regulatory requirements and also fails to deal with us in an open and cooperative manner. The DFSA is committed to protecting the investors’ interests as well as the reputation and integrity of the DIFC’s financial services.”

The DFSA said it formally brought these concerns to MGL’s attention in April 2018, and MGL failed to address the concerns to the DFSA’s satisfaction.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.