The local regulator, the Financial Services and Markets Authority, released a statement late last month stating that Globaleye Belgium has “neither the registration required in Belgium to pursue the activity of insurance intermediation, nor the authorization in order to offer investment services in or from Belgium”.
According to Globaleye chief executive Tim Searle the release of the FSMA statement is common practice after a company has relinquished its licence.
Globaleye has now entered into an agreement with another European advisory service, Trafalgar, with its advisers now representing the latter’s firm.
“We have retracted ourselves from the FSMA since our aspirations in the EU are not line with our revised plans going into 2014 and beyond,” said Searle.
“It is well documented that there is a lack of the traditional offshore product providers in the EU and the number continues to diminish so this does not bode well for our proposition in being able to offer a holistic financial planning solution from an array of providers. To that end, we have merged our business with another existing EU brokerage.”
The CEO said the decision does not impact on any of its non-EU business, such as its office in Geneva (watch a video where Searle discusses the Swiss office here) and recently opened office in Moscow.
Globaleye also has continued plans to expand its operations in Asia and the Middle East.
