The Qatar Financial Centre (QFC) Regulatory Authority has released a consultation paper and accompanying draft rules relating to the conduct of retail business in or from the QFC and the protection of retail customers.
Under the proposed regime, retail customers should expect to be treated fairly; to receive appropriate, adequate and accurate information on firms and services; to have a ‘cooling off’ period for investment decisions; in the case of insurance products, to have all reasonable claims on policies honoured; and to have complaints addressed in a timely manner.
Phillip Thorpe, chairman and CEO of the Regulatory Authority, said: “The proposals will ensure customers of QFC firms, especially retail customers, are protected by a regulatory regime that reflects international best practice.
“We have designed this regime to be flexible, with an emphasis on outcomes rather than formal processes, and we have sought to achieve a balance between principles and, where necessary, rules to underpin these principles.”
The QFCRA last month authorised Credit Agricole Suisse (Qatar), Citibank and Al Rayan Investment to carry on regulated activities in the QFC.
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