We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 1 May 2007 12:00 AM

Font Size

- Aa +

QFC consults on retail investments

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.

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.

Arabian Business: why we're going behind a paywall

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.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.