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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.
Man Group, the world's biggest listed hedge fund, plans to close its office in the Dubai International Financial Centre and service its Middle East clients from London.
Forth Capital founder and chief executive Tom Tracy explains the firm’s departure from Dubai and its plans to pivot towards its most profitable and new markets.
The main life insurance regulator in the UAE has unveiled plans to tackle high fees and hidden commissions across the industry after receiving what it described as “an alarming amount of complaints from policyholders”.
Aberdeen has become the first international asset manager to open an office in Abu Dhabi Global Market (ADGM), the new international financial centre in the capital of the UAE, after being granted a license by the Financial Services Regulatory Authority (FRSA).
Former Brooklands Pensions chief operating officer Mark Sanderson is to spearhead the development of Praemium’s retirement business in the Middle East and other key expat markets.
Old Mutual International has moved to reflect the changing trend towards more flexible products in the offshore market by closing two of its contractual savings plans in three key regions.
Brooks Macdonald, the specialist discretionary fund management provider, has announced its first international strategic alliance, signing a deal with Dubai-based advisers Abacus Financial Consultants.
Bermuda-based Northstar Financial Services, which recently opened an office in the Dubai International Financial Centre (DIFC), has launched a range of model portfolios specifically designed for the Middle East.
The United Arab Emirates has ruled out the imposition of any income tax on individuals as its seeks alternative sources of revenue to counter the impact of falling oil prices on the government’s budget.
Saudi Arabia’s Capital Market Authority (CMA) board has given the green light to foreigners in the Kingdom to trade Real Estate Investment Trusts (Reits) on the Saudi bourse.
Geneva-based Pictet Asset Management has opened a new office in Dubai’s International Financial Centre (DIFC).
Dubai-based senior wealth manager Nicholas Thompson has left Finsbury Associates and joined rival firm Holborn Assets as one of its senior partners, along with five new advisers.
New mutual fund registration rules introduced by the UAE’s Securities and Commodities Authority (SCA) in August, and currently within a six-month implementation grace period, are expected to come with a series of sanctions for breaches of the regime.
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