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Regulatory changes in the United Arab Emirates pose a challenge to existing business models for IFAs in the region but Sean Kelleher at Mondial is one step ahead, and after years of hard work in preparing his business for the new requirements, he is ready to reap the rewards.
The UAE Insurance Authority (IA) is to issue a new draft and open a fresh consultation on plans to tackle high fees and hidden commissions in the life industry after requests for a 'two-year delay', sources have told International Adviser.
Brendan Dolan, a veteran of the Middle East and Africa life industry, is to take over the position vacated by Marcel Bradshaw as head of sales worldwide for Old Mutual International, part of Old Mutual Wealth.
The Dubai Financial Services Authority (DFSA) has no proposals to ban commission, according to chief executive Ian Johnston.
Proposals that could significantly change how insurance companies operate in the UAE stand to benefit Isle of Man-based life companies over the longer term, according to key industry figures on the island.
Investors Trust Assurance, an offshore insurance and investment company, has moved to a bigger office within the Dubai International Financial Centre (DIFC).
Those clients who benefit from having a financial adviser have better performing assets in their portfolios than those who go it alone, says John Astrup, savings and investment propositions manager, Zurich International Life, Middle East.
Rather than worry at a time of political change, I recently took a few days away from the screens to visit Israel for the first time, meeting innovative companies and soaking up the atmosphere.
There will be a massive impact on the financial services industry if the UAE Insurance Authority’s proposed clampdown on fees and commissions comes into effect in 2017, says Philip Cernik, chief marketing officer of Friends Provident International.
Advisers around the world give their views on how regulation, M&A activity and technology will affect their business in 2017.
Major charitable donations among ultra-high net worth (UHNW) individuals rose to an all-time high last year, growing by 3% since 2014, according to a new report by Dubai-based consultancy firm Arton Capital.
Expats in the UAE have been advised that banks and other financial institutions will be contacting some of their customers to collect information about their tax status in early 2017, reports local newspaper Gulf News.
AxiomSL, a firm specialising in regulatory reporting and risk management, has announced it will be opening its first Middle East office in the the Dubai International Financial Centre (DIFC).
Leading figures from the financial services industry in the Middle East give their views on the proposed cap on commission and the prospect of commission disclosure coming to the region.
The price of Brent crude oil surged above $50 (£40, €47) per barrel as rumours became reality that OPEC members had finally reached an agreement.
Financial advisers in the Middle East are finding clients increasingly reluctant to use their services, partly due to growing geopolitical uncertainty but also because of regulatory changes and poor value-for-money products from asset managers and life companies.
The UK is set to benefit from expats and investors in the Middle East moving their money out of the region amid rising concerns of Saudi Arabian political and economic instability and growing fundamentalism in surrounding states, says Nick Rucker, partner at law firm Irwin Mitchell Private Wealth.
Life and investment product providers, fund managers, and intermediaries need to swiftly absorb what the potentially game-changing regulation for the UAE's life insurance industry means for their business and be ready to provide their feedback before the 30 November cut-off date, say Tom Bicknell, Wayne Jones, and Peter Hodgins of international law firm Clyde & Co.
Indemnity commissions are to be prohibited under new rules proposed by the UAE's Insurance Authority which regulates life insurance companies and family takaful businesses.
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